New Issue: Ladder Capital sells upsized $325 million five-year notes at par to yield 7 3/8%

By Paul A. Harris

Portland, Ore., Sept. 14 - Ladder Capital Finance Holdings LLLP and Ladder Capital Finance Corp. priced an upsized $325 million issue of five-year senior notes (Ba3/B+/BB) at par to yield 7 3/8% on Friday, according to a market source.

The yield printed at the tight end of yield talk that was set in the 7½% area.

J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and Wells Fargo Securities LLC were the joint bookrunners for the issue, which was upsized from $300 million.

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

Issuer:	Ladder Capital Finance Holdings LLLP and Ladder Capital Finance Corp.
Amount:	$325 million, increased from $300 million
Maturity:	Oct. 1, 2017
Securities:	Senior notes
Bookrunners:	J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Wells Fargo Securities LLC
Senior co-manager:	Citigroup Global Markets Inc.
Co-manager:	Bank of America Merrill Lynch
Coupon:	7 3/8%
Price:	Par
Yield:	7 3/8%
Spread:	666 bps
Call protection:	Non-callable
Make-whole:	Treasuries plus 50 bps until April 1, 2017, then callable at par
Equity clawback:	25% at 107.375 until Oct. 1, 2015
Trade date:	Sept. 14
Settlement date:	Sept. 19
Ratings:	Moody's: Ba3
	Standard & Poor's: B+
	Fitch: BB
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	7½% area
Marketing:	Quick to market

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