Redwood Trust issues 2.8M shares of 10% Series A Preferred Stock for $67M net proceeds

REDWOOD TRUST INC

Issued 2,800,000 shares of 10.00% Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock; net proceeds ~$67.1M.
Quarterly dividends at 10% annual rate (equivalent to $2.50/share) until April 2028, then reset at 5Yr UST + 6.278%.
Liquidation preference $25.00 per share; senior to common stock; redeemable after April 2028 at $25.00 plus accrued dividends.
Holders have conversion rights upon Change of Control into common stock at lower of $25.00/Common Stock Price or 6.98324 shares.
Offered via underwritten public offering; Morgan Stanley & Co. LLC acted as representative of underwriters.

Key facts

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

REDWOOD TRUST INC: Filed Articles Supplementary classifying and designating 2,990,000 shares of 10.00% Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock (effective 2023-01-13).

Change: charter amendment
Effective: 2023-01-13

Exact text from the filing

On January 13, 2023, Redwood Trust, Inc. (the “Company”) filed with the State Department of Assessments and Taxation of Maryland Articles Supplementary, also referred to as the Articles Supplementary, to its charter, classifying and designating 2,990,000 of its authorized capital stock as shares of the 10.00% Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”).

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REDWOOD TRUST INC filing history →

Source: SEC EDGAR

accession 0001104659-23-005011

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