By Mary-Katherine Stinson
Lexington, Ky., Feb. 6 – Velocity Financial Inc. subsidiary Velocity Commercial Capital LLC sold $75 million of 9.875% senior secured notes due Feb. 15, 2029 in a private placement, according to an 8-K filing with the Securities and Exchange Commission.
The notes can be optionally prepaid by the company from Feb. 15, 2027 to, but excluding Feb. 15, 2028, at 104.9375 and after at par.
There is a change of control put at 101.
Velocity will be used to originate new investments and for general corporate and other working capital purposes.
U.S. Bank Trust Co., NA is the collateral agent.
The real estate finance company is based in Westlake Village, Calif.
| Issuer: | Velocity Commercial Capital LLC
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| Guarantor: | Velocity Financial Inc.
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| Amount: | $75 million
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| Issue: | Senior secured notes
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| Maturity: | Feb. 15, 2029
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| Collateral agent: | U.S. Bank Trust Co., NA
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| Coupon: | 9.875%
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| Call: | From Feb. 15, 2027 to but excluding Feb. 15, 2028 at 104.9375; after at par
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| Change-of-control put: | At 101
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| Settlement date: | Feb. 5
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| Distribution: | Private placement
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