Published on 3/31/2022 in the Prospect News High Yield Daily.
New Issue: Ellington wraps $210 million placement of 5 7/8% notes due 2027
By Wendy Van Sickle
Columbus, Ohio, March 31 – Ellington Financial LLC said it closed on Thursday its private placement of 5 7/8% senior notes due April 1, 2027 totaling $210 million.
The company said it intends to use proceeds from the Rule 144A offering to redeem all of the outstanding 5½% senior notes due 2022, to finance a previously announced acquisition and also for working capital and general corporate purposes.
Ellington is a specialty finance company that primarily acquires and manages mortgage-related and consumer-related assets. The company is based in Old Greenwich, Conn.
Issuer: | Ellington Financial LLC
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Amount: | $210 million
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Issue: | Senior notes
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Maturity: | April 1, 2027
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Coupon: | 5 7/8%
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Call: | Make-whole call until April 1, 2024, then callable at 102.9375 until April 1, 2025, at 101.46875 until April 1, 2026 and at par thereafter
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Settlement date: | March 31
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Trustee: | Wilmington Trust, NA
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Distribution: | Rule 144A
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