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Granite Point offers series A fixed-to-floating preferred stock
Chicago, Nov. 22 – Granite Point Mortgage Trust Inc. is planning to offer to the public shares of its first offer of preferred stock, according to a 424B5 filing with the Securities and Exchange Commission.
The company is selling $25-par fixed-to-floating rate cumulative redeemable preferred stock in a series A offering. There is no maturity date.
Quarterly fixed-rate dividends will be payable through Jan. 15, 2027.
After the fixed-rate period, floating-rate dividends will be based on SOFR plus a margin, with a floor which will be specified at pricing.
The shares have call protection through a specified date in 2026.
The company plans to list the preferred stock on the New York Stock Exchange as “GPMTPrA.”
Raymond James & Associates, Inc. is the bookrunner.
Skadden, Arps, Slate, Meagher & Flom LLP and Stinson LLP are working as counsel to the issuer.
The underwriters will be granted an over-allotment option.
Proceeds will be used for general corporate purposes, which may include the partial repayment of the company’s 8% senior secured term loan facilities of certain subsidiaries due 2025.
Granite Point is a New York-based real estate investment trust focused on the origination, investment and management of senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments.
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