Resource Capital Corp. Announces Full Redemption of its 8.50% Series A Cumulative Redeemable Preferred Stock, Partial Redemption of its 8.25% Series B Cumulative Redeemable Preferred Stock and Quarterly Cash Dividends for Preferred Stock
After the Redemption Date, dividends on all shares of Series A Preferred Stock will cease to accrue, the Series A Preferred Stock will no longer be outstanding and, therefore, all rights of the holders of such shares will terminate, except for the right of the holders to receive the cash payable upon such redemption without interest. Upon redemption, the Series A Preferred Stock will be delisted from trading on the New York Stock Exchange. Annual preferred stock dividend savings will be approximately $2.27 million as a result of the redemption of the Series A Preferred Stock.
After the Redemption Date, dividends on the shares of Series B Preferred Stock being redeemed will cease to accrue, the redeemed shares will no longer be outstanding and, therefore, all rights of the holders of such shares will terminate, except for the right of the holders to receive the cash payable upon such redemption without interest. Annual preferred stock dividend savings will be approximately $1.92 million as a result of the redemption of a portion of the Series B Preferred Stock.
All shares of Series A Preferred Stock and Series B Preferred Stock are held in book-entry form through the
The notices of redemption and related materials will be mailed to the registered holders of Series A Preferred Stock and Series B Preferred Stock on or about December 20, 2017. Questions relating to, and requests for additional copies of, the notices of redemption and the related materials should be directed to the redemption agent,
The Company also announced today that it will pay a cash dividend on its Series A Preferred Stock for the period from
The Company will also pay a cash dividend on its Series B Preferred Stock for the period from
The Company will also pay a cash dividend on its 8.625% Series C Cumulative Redeemable Preferred Stock for the period from
Resource Capital Corp. is a real estate investment trust that is primarily focused on originating, holding and managing commercial mortgage loans and other commercial real estate-related debt investments. The Company is externally managed by Resource Capital Manager, Inc., an indirect wholly-owned subsidiary of C-III Capital Partners LLC, a leading commercial real estate investment management and services company engaged in a broad range of activities.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “trend,” “will,” “continue,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “look forward” or other similar words or terms. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. Factors that can affect future results are discussed in the documents filed by the Company from time to time with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statement to reflect new or changing information or events after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law.
Source: Resource Capital Corp.