Ready Capital prices refinancing that would reduce secured debt by $125 million

Ready Capital ($RC) priced $225 million of senior secured notes due in 2031 with a 10% coupon, issued at 99.5% of face value. It also announced the redemption of $350 million of 4.50% notes due this year. The new proceeds, supplemented by available cash, will fund repayment at par plus accrued interest.

The transaction is expected to reduce corporate secured debt by $125 million, although the new borrowing carries a substantially higher coupon than the notes being retired. Closing is expected on September 28. After that redemption, the company expects its remaining $100 million corporate maturity this year to be repaid from cash. These are planned refinancing steps, not confirmation that both the new issuance and redemption have already settled.

Sources:

• Ready Capital — pricing and redemption announcement, GlobeNewswire reprint