mREIT Ready Capital (RC) has announced a new offering of $25/share senior notes with a maturity in 2029.
The shares will be listed on the NYSE under ticker RCD. The issue should price later today and it will be a week or two until any listing occurs.
The company has numerous baby bonds and perpetual preferreds outstanding which can be seen here.
The preliminary prospectus can be found here.
J noted this new issue in the alerts section minutes ago.
Here’s the term sheet:
9% coupon.
Matures 12/15/2029
Callable 12/15/2026
https://www.sec.gov/Archives/edgar/data/1527590/000110465924125069/tm2429861d3_fwp.htm
On this week’s Weekly Kickoff chart, mREITs have done very well. OTOH, RC is scraping bottom. I will pass on RCD.
There has been a lot of questionable offerings over the last six months. Perhaps questionable is the wrong word but I just do not have it in me to pay attention to all of these companies I know little about to stretch for a bit more yield. With quite a few just being interest payments and not even QDI. One or two of the more recognizable names I took a small bite of but using RC as an example.. no thanks. I think I owned some ANH-* bought back during the covid crash and was thankful it was called. Washed my hands of this situation. Never looked back.
I still keep waiting for something of quality to really lay into when it comes to new issues.
9- 9.125 coupon talk…
Very helpful. Thanks Jerry. Expensive debt but no surprise.
Do I hear 6%, yawn…..