RC Ready Capital

Filed: 26 Oct 21, 4:31pm





Washington, D.C. 20549








Date of Report (Date of earliest event reported)
October 20, 2021


(Exact Name of Registrant as Specified in its Charter)


(State or Other Jurisdiction
Of Incorporation)
(Commission File Number)(IRS Employer
Identification No.)


1251 Avenue of the Americas, 50th Floor

New York, NY 10020

(Address of principal executive offices) 

(Zip Code) 


Registrant’s telephone number, including area code: (212) 257-4600


(Former Name or Former Address, if Changed Since Last Report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Exchange Act:


Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.0001 par value per shareRCNew York Stock Exchange
6.25% Series C Cumulative Convertible Preferred Stock, $0.0001 par value per shareRC PRCNew York Stock Exchange
6.50% Series E Cumulative Redeemable Preferred Stock, $0.0001 par value per shareRC PRENew York Stock Exchange
7.00% Convertible Senior Notes due 2023RCANew York Stock Exchange
6.20% Senior Notes due 2026RCBNew York Stock Exchange
5.75% Senior Notes due 2026RCCNew York Stock Exchange


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


Emerging Growth Company ¨


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨





Item 2.03Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.


The information included in Item 8.01 below is incorporated by reference into this Item 2.03.


Item 8.01Other Events.


On October 20, 2021, ReadyCap Holdings, LLC (“ReadyCap”), an indirect subsidiary of Ready Capital Corporation (the “Company”), closed a private placement of $350.0 million in aggregate principal amount of its 4.50% Senior Secured Notes due 2026 (the “Notes”). The Notes are senior secured obligations of ReadyCap. Payments of the amounts due on the Notes are fully and unconditionally guaranteed (the “Guarantees”), at issuance, by the Company, Sutherland Partners, L.P., Sutherland Asset I, LLC, Ready Capital TRS I, LLC, Ready Capital Partners I, LLC, Ready Capital Subsidiary REIT I, LLC and Sutherland Asset III, LLC (“SAIII” and collectively, the “Guarantors”). ReadyCap’s and the Guarantors’ respective obligations under the Notes and the Guarantees are secured by a first-priority lien on the assets of SAIII and the capital stock of ReadyCap, SAIII and certain other subsidiaries of the Company.


The Company intends to use the net proceeds from the private placement to redeem all of ReadyCap’s outstanding 7.50% Senior Secured Notes due 2022 and for general corporate purposes.


The Notes and the Guarantees will not be registered under the Securities Act of 1933, as amended (the “Securities Act”) or any state securities laws and may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from the registration requirements of the Securities Act or any state securities laws.


On October 20, 2021, the Company issued a press release announcing the issuance of the Notes described above. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and in incorporated herein by reference.


Item 9.01. Financial Statements and Exhibits





4.1 In accordance with Item 601(b)(4)(iii)(A) of Regulation S-K, certain instruments with respect to long-term debt of the registrant have been omitted but will be furnished to the Securities and Exchange Commission upon request.
99.1 Press Release, dated October 20, 2021
104.1 Cover Page Interactive Data File (embedded within the Inline XBRL document).


- 2 -





Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


 Ready Capital Corporation
 By:/s/ Andrew Ahlborn
 Name:Andrew Ahlborn
 Title:Chief Financial Officer
Dated: October 26, 2021  


- 3 -