mREIT Ready Capital (NYSE:RC), which was formerly Sutherland Asset Management, has announced an offering of $25 senior notes.
The notes interest payment is an unqualified interest payment taxed at ordinary tax rates. The issue will be unrated.
The notes will have a maturity date in 2026, with an optional redemption date starting in 2022. The issue will offer 101% of principal, plus accrued and unpaid interest if redeemed early starting in 2022 until mid year 2025 (exact dates not announced) which will then go to 100% for part of 2025 until maturity.
The notes will trade on the NYSE under ticker RCB. There will be no OTC Grey market trading on these, although it is possible some brokers bond desk may trade these prior to NYSE listing.
The company has 2 baby bonds outstanding already which can be seen here.