SEC Filing Summary: Resource Capital Corp. (Form 8-K)
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Resource Capital Corp. on October 30, 2013. The filing reports the completion of a debt offering involving the sale of 6.00% Convertible Senior Notes due 2018. The report covers events occurring between October 15, 2013, and October 30, 2013.
Key Financial Metrics
The filing details the following capital raising activities:
- Firm Securities Sale: Completed on October 21, 2013, for $100,000,000 aggregate principal amount. Net proceeds were approximately $96.6 million after underwriting discounts, commissions, and estimated expenses.
- Over-Allotment Option Exercise: Underwriters exercised their full over-allotment option on October 25, 2013, for an additional $15,000,000 principal amount. The sale completed on October 30, 2013, yielding additional net proceeds of approximately $14.5 million.
- Total Net Proceeds: Approximately $111.1 million ($96.6 million + $14.5 million).
- Debt Instrument: 6.00% Convertible Senior Notes due 2018.
The filing text does not provide clear values for revenue, profit, operating cash flow, margins, or existing liquidity positions outside of the proceeds from this specific transaction.
Material Changes
The primary material change is the increase in the company's debt load and cash reserves resulting from the issuance of the Convertible Senior Notes. The company successfully raised the full $115,000,000 principal amount authorized in the underwriting agreement.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future operations, or specific risk factors beyond the standard disclosure of the debt issuance. The transaction was executed with J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC as joint book-running managers.
Investor Verification Checklist
- Verify the total principal amount of $115,000,000 issued in 6.00% Convertible Senior Notes due 2018.
- Confirm the total net proceeds of approximately $111.1 million received by the company.
- Review the terms of the Convertible Senior Notes, specifically the conversion features and maturity date (2018).
- Check the company's updated balance sheet to reflect the new debt obligation and cash inflow.