New Issue: Ladder Capital sells $500 million five-year bullet at par to yield 5¼%

By Paul A. Harris

Portland, Ore., March 2 – Ladder Capital Corp. priced a $500 million issue of five-year bullet notes (Ba3/B+/BB) at par to yield 5¼% on Thursday, according to market sources.

Early guidance has the deal coming with a yield in the low 5% area, the source added.

Deutsche Bank Securities Inc. was the left bookrunner. J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., Wells Fargo Securities LLC and U.S. Bancorp Investments Inc. were the joint bookrunners.

The New York-based commercial real estate finance company plans to use the proceeds to repay debt.

Issuers:	Ladder Capital Finance Holdings LLLP and Ladder Capital Finance Corp.
Amount:	$500 million
Maturity:	March 15, 2022
Securities:	Senior notes
Left bookrunner:	Deutsche Bank Securities Inc.
Joint bookrunners:	J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., Wells Fargo Securities LLC, U.S. Bancorp Investments Inc.
Coupon:	5¼%
Price:	Par
Yield:	5¼%
Spread:	317 bps
Call protection:	Callable at par after Sept. 15, 2021, otherwise non-callable
Equity clawback:	35% at 105.25 until March 15, 2020
Trade date:	March 2
Settlement date:	March 16
Ratings:	Moody's: Ba3
	S&P: B+
	Fitch: BB
Distribution:	Rule 144A for life
Marketing:	Quick to market

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