By Paul A. Harris
Portland, Ore., Sept. 11 – Ladder Capital Corp. priced a $400 million issue of eight-year senior notes (BB-/BB) at par to yield 5¼% on Monday, according to a market source.
The yield printed at the wide end of the 5 1/8% to 5¼% yield talk.
J.P. Morgan Securities LLC was the lead.
The New York-based real estate investment trust plans to use the proceeds to repay secured debt and for general corporate purposes.
Ladder originates and invests in a commercial real estate and real estate-related assets, focusing on senior secured assets.
| Issuers: | Ladder Capital Finance Holdings LLLP and Ladder Capital Finance Corp.
|
| Amount: | $400 million
|
| Maturity: | 2025
|
| Securities: | Senior notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 5¼%
|
| Price: | Par
|
| Yield: | 5¼%
|
| Call protection: | Three years
|
| Trade date: | Sept. 11
|
| Settlement date: | Sept. 25
|
| Ratings: | S&P: BB-
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5 1/8% to 5¼%
|
| Marketing: | Quick to market
|
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