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Resource Capital to redeem series B preferred shares

Resource Capital Corp. will redeem all its outstanding 8.25% series B cumulative redeemable preferred shares March 26.

The shares will be redeemed at $25.00 per share, plus all accrued and unpaid dividends up to but not including the redemption date in an amount equal to 32.083 cents per share, for a total payment of $25.32083 per share. Annual savings resulting from this redemption will be approximately $9.5 million.

This redemption is in addition to the 930,983 series B preferred shares redeemed Jan. 31.