Ready Capital prices $225M in new notes, redeems $350M due 2026

Ready Capital Corporation (NYSE: RC) announced the pricing of a private placement of $225.0 million in 10.00% Senior Secured Notes due 2031, issued through its subsidiary ReadyCap Holdings II, LLC. The notes were priced at 99.5% of principal amount and are expected to close on Sept. 28, 2026.

Simultaneously, another subsidiary, ReadyCap Holdings, LLC, issued a notice of redemption for the full $350.0 million outstanding principal amount of its 4.50% Senior Secured Notes due 2026. Net proceeds from the new notes, combined with available cash, will fund the redemption at 100% of principal amount plus accrued and unpaid interest.

The transaction reduces the company's corporate secured debt outstanding by $125 million and retires $350.0 million of corporate debt maturing in 2026, with approximately two-thirds refinanced through the new 2031 notes.

According to a press release, the redemption completes a key element of a balance sheet repositioning program the company announced in the fourth quarter of 2025. Over the course of the plan, Ready Capital said it generated approximately $2.3 billion in cash, repaid $1.7 billion of asset-level financing, and retired $549 million of corporate debt.

The company's remaining 2026 corporate debt maturity is $100.0 million due in November 2026, which it said it expects to repay from cash on hand.

"In the fourth quarter of 2025, we embarked on a plan to de-lever, generate significant liquidity and reset the balance sheet, and with the $350 million redemption that work is substantially complete," said Thomas Capasse, Ready Capital's Chairman and Chief Executive Officer.

Piper Sandler & Co. acted as placement agent for the offering. Alston & Bird LLP served as counsel for the company, and Ropes & Gray LLP served as counsel for the placement agent.

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