Starwood Property to sell $400 million three-year notes on Wednesday

By Paul A. Harris

Portland, Ore., Jan. 24 – Starwood Property Trust, Inc. plans to price a $400 million offering of non-callable three-year senior notes in a Wednesday drive-by, according to a market source.

J.P. Morgan Securities LLC is leading the Rule 144A and Regulation S offering.

The Greenwich, Conn.-based commercial mortgage real estate investment trust plans to use the proceeds to pay the cash amounts due on its 4.55% convertible senior notes due 2018 at maturity or upon conversion and to use any remaining net proceeds to repay a portion of the amount outstanding under its existing repurchase agreements.

The convertible senior notes due 2018 mature on March 1, 2018. As of Sept. 30, 2017 about $370 million remained outstanding.

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