Blackstone Mortgage to sell $400 million five-year bullet notes on Friday; talk high 3% area

By Paul A. Harris

Portland, Ore., Sept. 23 – Blackstone Mortgage Trust, Inc. plans to price a $400 million offering of senior secured bullet notes due January 2027 (Ba2/B+) on Friday, according to market sources.

The deal, which was set to kick off on a Thursday conference call with investors, is in the market with initial guidance in the high 3% area.

Barclays is the left bookrunner. BofA Securities Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC and Blackstone are the joint bookrunners.

The Rule 144A and Regulation S for life notes, which have a tenor of slightly more than five years, feature a par call three months prior to their maturity but are otherwise non-callable.

The New York City-based real estate finance company plans to use the proceeds to refinance secured debt agreements.

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