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Resource Capital Floats New Stock Issue

Resource Capital (NYSE: RSO  ) has begun a 16.25 million-share common stock issue in an underwritten public flotation. Additionally, it intends to grant those underwriters a 30-day purchase option for up to an additional 2.44 million shares.

In the press release announcing the move, the REIT said it plans to use the proceeds of the issue for "general corporate purposes." It did not elaborate on what those might be.

It also did not specify a price or range for the issue. Resource Capital's most recent closing stock price was $6.53.

The two joint book-running managers for the offering are Deutsche Bank's Securities unit, and JPMorgan Chase's near-namesake investment banking subsidiary J.P. Morgan.

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  • Report this Comment On April 09, 2013, at 7:28 PM, wayne0123 wrote:

    RSO's press release did not reveal much, but their previous CC did. They stated that they were in the process of closing $105 million in loans and that their pipe-line was large. Last week they increased their Wells Fargo credit facility from $150 million to $205 million. As of Dec 31, they had $94 million in unrestricted cash. It's a fair bet that that money has been invested.

    Another CLO in the works is speculation, but they talked about that, and that's very possible.

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