Ladder Capital driving by with $400 million eight-year senior notes; initial talk 5%-5¼%

By Paul A. Harris

Portland, Ore., June 9 – Ladder Capital Corp. plans to price a $400 million offering of eight-year senior notes (expected ratings Ba2/B+) in a Wednesday drive-by, according to market sources.

The Rule 144A and Regulation S deal is in the market with initial guidance of 5% to 5¼%.

J.P. Morgan Securities LLC is the lead.

The notes come with three years of call protection.

The issuing entities are subsidiaries Ladder Capital Finance Holdings LLLP and Ladder Capital Finance Corp.

The New York-based commercial real estate investment trust plans to use the proceeds for general corporate purposes, which may include funding its pipeline of new loans, investments in core business lines and debt repayments, including potential redemptions of its outstanding notes.

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