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

By Wendy Van Sickle

Columbus, Ohio, June 28 – 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 June 28, the conversion rate of the 4.55% notes is 47.7946, up from 47.2712, and the conversion rate of the 4% notes is 50.4531, up from 49.9717.

The adjustments are due to a cash dividend paid on April 14 and a cash dividend with an ex-dividend date of June 28 to be paid on July 14. 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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