Starwood Property shelves $300 million five-year bullet offering

By Paul A. Harris

Portland, Ore., Aug. 17 – Starwood Property Trust, Inc. shelved its $300 million offering of five-year senior bullet notes (Ba3/BB), a market source said on Friday.

Early guidance on the deal was in the 5% to 5 1/8% area; however, in the short time the deal was in the market – the early part of the Aug. 13 week – pricing moved well wide of that range, the source added.

The company is expected to return, however, though perhaps not before the extended Labor Day holiday weekend, which gets underway following the Aug. 31 market close, a debt capital markets banker said.

Credit Suisse Securities (USA) LLC was the left bookrunner. Citigroup Global Markets Inc. was the joint bookrunner.

The Greenwich, Conn.-based commercial mortgage real estate investment trust came to market to raise cash in order to repay secured debt and to support its purchase of the GE Energy Project Finance debt business from General Electric.

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