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|Resource Capital Corp. Announces New $100 Million Facility With Wells Fargo Bank, N.A.|
NEW YORK, NY, Feb 03, 2011 (MARKETWIRE via COMTEX) --
Resource Capital Corp. (NYSE: RSO) (the "Company") announced the closing of a new $100 million credit facility with Wells Fargo Bank, N.A. (the "Wells Facility") on February 1, 2011. The Wells Facility will be used to purchase commercial mortgage backed securities ("CMBS") and has a two year term with a one year option to extend, at an interest rate of LIBOR plus 1.25% plus a .25% structuring fee. The Company will enter into interest rate swaps and cap agreements to mitigate interest rate risk under the Wells Facility.
Joan Sapinsley, Senior Vice President - CMBS, commented "We are very excited to have entered into this new partnership with Wells, using prudent leverage to purchase short, seasoned high quality CMBS at attractive risk adjusted returns. This facility will also enable RSO to participate in newly issued CMBS when we see strong relative value."
About Resource Capital Corp.
Resource Capital Corp. is a commercial real estate specialty finance company that qualifies as a real estate investment trust, or REIT, for federal income tax purposes. RSO's investment strategy focuses on commercial real estate-related assets and, to a lesser extent, higher-yielding commercial finance assets. RSO invests in the following asset classes: commercial real estate-related assets such as whole loans, A-notes, B-notes, mezzanine loans, mortgage-related securities and real estate joint ventures, and commercial finance assets such as other asset-backed securities, senior secured corporate loans, lease receivables, trust preferred securities, structured notes and debt tranches of collateralized debt obligations.
RSO is externally managed by Resource Capital Manager, Inc., an indirect wholly owned subsidiary of Resource America, Inc. (NASDAQ: REXI), a specialized asset management company that uses industry specific expertise to generate and administer investment opportunities for its own account and for outside investors in the real estate, commercial finance and financial fund management sectors.
For more information, please visit the Company's website at http://www.resourcecapitalcorp.com or contact investor relations at email@example.com.
SOURCE: Resource Capital Corp.
New York, NY 10019
2005 Market Street
Philadelphia, PA 19103