Starwood Property raises conversion rates of 4%, 4.55% convertibles

By Marisa Wong

Morgantown, W.Va., Dec. 30 – Starwood Property Trust, Inc. increased the conversion rates of its 4.55% convertible senior notes due 2018 and its 4% convertible senior notes due 2019, according to a press release.

Effective as of Dec. 28, the conversion rate of the 4.55% notes is 47.2712, up from 46.7513, and the conversion rate of the 4% notes is 49.9717, up from 49.4927.

The adjustments are due to a cash dividend paid on Oct. 17 and a cash dividend with an ex-dividend date of Dec. 28 to be paid on Jan. 13. The adjustment for the October dividend was deferred and carried forward, as permitted under the note indentures.

Starwood Property Trust is a Greenwich, Conn.-based company that originates, acquires, finances and manages commercial mortgage loans and other commercial real estate debt investments.

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