Wendy Van Sickle
Columbus, Ohio, Jan. 30 – Sutherland Asset Management Corp. indirect wholly owned subsidiary ReadyCap Holdings, LLC sold $40 million of 7½% senior secured notes due Feb. 15, 2022, according to a Tuesday press release and an 8-K filing with the Securities and Exchange Commission.
The notes priced with a yield to par call date of 6½%.
The notes have identical terms other than the issue date and price to the $75 million of notes issued by ReadyCap on Feb. 13, 2017 and the $65 million of notes issued on June 13, 2017.
Keefe, Bruyette & Woods and Sandler O'Neill & Partners, LP acted as joint bookrunning managers.
The notes have a make-whole call at Treasuries plus 50 basis points before Nov. 15, 2021 and are then redeemable at par.
Proceeds will be used to acquire and originate new assets for general business purposes.
The New York-based real estate investment trust originates, acquires, finances, services and manages SBC loans and Small Business Administration loans.
| Issuer: | ReadyCap Holdings, LLC
|
| Amount: | $40 million
|
| Maturity: | Feb. 15, 2022
|
| Securities: | Senior secured notes
|
| Bookrunners: | Keefe, Bruyette & Woods and Sandler O'Neill & Partners, LP
|
| Coupon: | 7½%
|
| Yield to call: | 6½%
|
| Call: | Make-whole call at Treasuries plus 50 bps before Nov. 15, 2021, then at par
|
| Pricing date: | Jan. 30
|
| Distribution: | Rule 144A and Regulation S
|
| Total amount: | $180 million, including $75 million priced on Feb. 13, 2017 and $65 million issued on June 13, 2017
|
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