By Paul A. Harris
Portland, Ore., June 9 – Ladder Capital Corp. priced an upsized $650 million issue of eight-year senior notes (Ba2/BB-) at par to yield 4¾% in a Wednesday drive-by, according to market sources.
The issue size increased from $400 million.
The yield printed at the tight end of the 4¾% to 5% yield talk. Initial guidance was 5% to 5¼%.
J.P. Morgan Securities LLC was the lead.
The notes were sold via Ladder Capital Finance Holdings LLLP and Ladder Capital Finance Corp.
The New York-based commercial real estate investment trust plans to use the proceeds for general corporate purposes, which may include funding its pipeline of new loans, investments in core business lines and debt repayments, including potential redemptions of its outstanding notes.
| Issuers: | Ladder Capital Finance Holdings LLLP and Ladder Capital Finance Corp.
|
| Amount: | $650 million, increased from $400 million
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| Maturity: | June 15, 2029
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| Securities: | Senior notes
|
| Lead: | J.P. Morgan Securities LLC
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| Coupon: | 4¾%
|
| Price: | Par
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| Yield: | 4¾%
|
| Spread: | 345 bps
|
| Call protection: | Three years
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| Trade date: | June 9
|
| Settlement date: | June 23
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4¾% to 5%
|
| Marketing: | Drive-by
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