Redwood Trust to use new preferred stock for convertible repayment

Chicago, Jan. 9 – Redwood Trust Inc. is in the Monday market with its first offering of cumulative redeemable preferred stock, according to a 424B5 filing with the Securities and Exchange Commission.

The company said it plans to use the proceeds of the new offering to repurchase or repay all or a portion of several convertible bonds, including its 4.75% convertibles due 2023, the 5.625% convertibles due 2024, the 5.75% exchangeable senior notes due 2025 or the 7.75% convertible senior notes due 2027.

The sale is being led by Morgan Stanley & Co. LLC. J.P. Morgan Securities LLC, RBC Capital Markets, LLC, UBS Securities LLC, Wells Fargo Securities, LLC, Goldman Sachs & Co. LLC, Keefe, Bruyette & Woods, Inc., Piper Sandler & Co. and Raymond James & Associates, Inc. are the joint bookrunners.

Redwood Trust is a Mill Valley, Calif.-based specialty finance company focused on several distinct areas of housing credit.

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