By Paul A. Harris
Portland, Ore., Jan. 14 – Ladder Capital Corp. priced an upsized $750 million issue of seven-year senior notes (Ba2/BB-) at par to yield 4¼% in a quick-to-market Wednesday trade, according to market sources.
The issue size increased from $500 million.
The yield printed at the tight end of the 4¼% to 4½% yield talk.
J.P. Morgan Securities LLC was the lead underwriter.
The notes were sold via Ladder Capital Finance Holdings and Ladder Capital Finance Corp.
The New York City-based real estate investment trust plans to use the proceeds to repay secured debt.
| Issuers: | Ladder Capital Finance Holdings and Ladder Capital Finance Corp.
|
| Amount: | $750 million, increased from $500 million
|
| Maturity: | Feb. 1, 2027
|
| Securities: | Senior notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 4¼%
|
| Price: | Par
|
| Yield: | 4¼%
|
| Spread: | 254 bps
|
| Call protection: | Three years
|
| Trade date: | Jan. 15
|
| Settlement date: | Jan. 30
|
| Ratings: | Moody's Ba2
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4¼% to 4½%
|
| Marketing: | Quick to market
|
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