Starwood Property Mortgage lifts term loan to $250 million, flexes to Libor plus 350 bps

By Sara Rosenberg

New York, Sept. 18 – Starwood Property Mortgage upsized its non-fungible incremental term loan B to $250 million from $200 million and reduced pricing to Libor plus 350 basis points from Libor plus 375 bps, according to a market source.

Also, the original issue discount on the term loan was revised to 99 from 98.5, the source said.

The term loan still has a 0.75% Libor floor and 101 soft call protection for six months.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance notes and for general corporate purposes.

Starwood Property Mortgage is a finance company.

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