By Paul A. Harris
Portland, Ore., July 29 – Ladder Capital Finance Corp. priced an upsized $300 million issue of seven-year senior notes (Ba3/B+/BB) at par to yield 5 7/8% on Tuesday, according to a market source.
The quick-to-market deal was upsized from $250 million.
The yield printed on top of yield talk.
Deutsche Bank Securities Inc. was the left bookrunner. J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BofA Merrill Lynch and Citigroup Global Markets Inc. were the joint bookrunners.
The New York-based commercial real estate finance company plans to use the proceeds to repay funding debt and for general corporate purposes.
| Issuers: | Ladder Capital Finance Holdings LLLP and Ladder Capital Finance Corp.
|
| Amount: | $300 million, increased from $250 million
|
| Maturity: | Aug. 1, 2021
|
| Securities: | Senior notes
|
| Left bookrunner: Deutsche Bank Securities Inc.
|
| Joint bookrunners: | J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BofA Merrill Lynch, Citigroup Global Markets Inc.
|
| Coupon: | 5 7/8%
|
| Price: | Par
|
| Yield: | 5 7/8%
|
| Spread: | 374 bps
|
| First call: | Aug. 15, 2017 at 104.406
|
| Equity clawback: | 35% at 105.875 until Aug. 1, 2017
|
| Change-of-control put: | 101%
|
| Trade date: | July 29
|
| Settlement date: | Aug. 1
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: B+
|
| Fitch: BB
|
| Distribution: | Rule 144A for life and Regulation S
|
| Price talk: | 5 7/8% area
|
| Marketing: | Quick to market
|
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