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 2, 2012, regarding events occurring on September 25, 2012, and October 2, 2012. The filing discloses the completion of an underwritten public offering of preferred stock. Note: The input metadata references "ACRES Commercial Realty Corp.," but the filing text explicitly identifies the registrant as "Resource Capital Corp."
Key Financial Metrics and Transaction Details
- Security Issued: 8.25% Series B Cumulative Redeemable Preferred Stock.
- Shares Sold: 1,150,000 shares (including up to 150,000 shares subject to an over-allotment option).
- Offering Price: $25.00 per share.
- Underwriters: Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, and MLV & Co. LLC.
- Issuance Date: October 2, 2012.
- Registration: Filed under a shelf registration statement on Form S-3 (No. 333-174739).
The filing text does not provide specific values for revenue, net profit, operating cash flow, margins, total debt, or liquidity ratios. This report focuses solely on the capital raising event.
Material Changes
The primary material change is the expansion of the company's capital structure through the issuance of new preferred equity. The company entered into an underwriting agreement on September 25, 2012, and the shares were officially issued on October 2, 2012.
Guidance, Outlook, and Risks
The filing does not contain management commentary on future guidance, operational outlook, or specific risk factors beyond the standard disclosures associated with the offering. The transaction was executed pursuant to a prospectus supplement dated September 25, 2012.
Key Facts for Investor Verification
- Verify the total gross proceeds from the offering (1,150,000 shares x $25.00) and the net proceeds after underwriting discounts.
- Confirm the specific terms of the 8.25% Series B Cumulative Redeemable Preferred Stock, including redemption dates and dividend payment schedules.
- Review the full Prospectus Supplement (dated September 25, 2012) for details on the use of proceeds and underwriting fees.
- Check subsequent filings to determine if the underwriters exercised the option to purchase the additional 150,000 shares.