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Sutherland Asset to price $50 million $25-par senior notes due 2021
By James McCandless
San Antonio, April 23 – Sutherland Asset Management Corp. plans to price $50 million in $25-par senior notes due 2021, according to filings with the Securities and Exchange Commission.
Sandler O’Neill & Partners, LP is the bookrunner.
American Capital Partners, LLC, Boenning & Scattergood, Inc., Incapital, R. Seelaus & Co., Inc. and Wedbush Securities are the co-managers.
The notes will be callable after one year.
The deal was announced Monday morning.
Sutherland plans to use the proceeds to repay borrowings outstanding under its loan repurchase agreements or credit facilities and to invest in interest-bearing short-term investments.
The company plans to list the notes on the New York Stock Exchange under the symbol “SLDD.”
Sutherland is a New York City-based real estate investment company.
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