Fitch: Ladder Capital notes BB

Fitch Ratings said it rated Ladder Capital Finance Holdings LLLP and Ladder Capital Finance Corp.'s $325 million senior notes BB. The notes have a coupon of 7 3/8% and will mature on Oct. 1, 2017.

According to Fitch, the notes are unsecured and will rank equally in right of payment to all of Ladder's existing and future unsecured unsubordinated debt.

Given that the proceeds from the issuance are expected to be used to repay certain of Ladder's outstanding borrowings, Fitch said it does not believe there will be a material impact on the company's leverage levels as a result of the issuance.

The agency said Ladder's ratings reflect its experienced management team, conservative leverage profile, strong credit and operating trends and adequate liquidity.

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