Type: Baby Bond
Ready Capital Corp 7.00% Convertible Senior Notes
Was Previously Sutherland Asset Management.
The conversion rate will initially equal 1.4997 shares of our common stock per $25.00 principal amount of notes (equivalent to a conversion price of approximately $16.67 per share of our common stock). The conversion rate, and thus the conversion price, will be subject to adjustment as described in this prospectus supplement. Following the occurrence of a make-whole fundamental change or if we deliver a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder that converts its notes in connection with such make-whole fundamental change or notice of redemption, as the case may be.
We may not redeem the notes prior to August 15, 2021. We may redeem for cash all or any portion of the notes, at our option, on or after August 15, 2021 if the last reported sale price of our common stock has been at least 120% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No “sinking fund” will be provided for the notes.
Southern Company Series 2015A 6.25% Junior Subordinated Notes due 2075
So long as no Event of Default has occurred and is continuing, The Southern Company may defer interest payments on the Series 2015A Junior Subordinated Notes on one or more occasions for up to 40 consecutive quarterly periods as described in this Prospectus Supplement. Deferred interest payments will accrue additional interest at a rate equal to the interest rate then applicable to the Series 2015A Junior Subordinated Notes, compounded quarterly, to the extent permitted by applicable law.
Scorpio Tankers 8.25% Senior Notes due 2019
Reinsurance Group of America 6.20% Fixed-to-Floating Rate Subordinated Debentures due 2042
This is an offering by Reinsurance Group of America, Incorporated of $400,000,000 aggregate principal amount of its 6.20% fixed-to-floating rate subordinated debentures due 2042, which are referred to in this prospectus supplement as the “Debentures.” The Debentures are unsecured, subordinated debt instruments, and will initially bear interest commencing on August 21, 2012 to but excluding September 15, 2022, or any earlier redemption date, at an annual rate of 6.20%. We will pay that interest quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, commencing on December 15, 2012, to and including September 15, 2022. Commencing on, and including, September 15, 2022, to the maturity date unless redeemed or repaid earlier, the Debentures will bear interest at an annual rate equal to three-month LIBOR, reset quarterly, plus 4.37%. We will pay that interest quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, commencing on December 15, 2022. So long as no event of default with respect to the Debentures has occurred and is continuing, we have the right, on one or more occasions, to defer the payment of interest on the Debentures as described in this prospectus supplement for one or more periods of up to five consecutive years without giving rise to an event of default. Deferred interest will accumulate additional interest at an annual rate equal to the annual interest rate then applicable to the Debentures.
The Debentures will be issued in denominations of $25 and integral multiples of $25 in excess thereof. The Debentures will mature on September 15, 2042 (or if such day is not a business day, the following business day).