Starwood Property launches $150 million add-on term loan at 99.5 OID

By Sara Rosenberg

New York, Sept. 20 – Starwood Property Mortgage held a lender call at 2 p.m. ET on Monday to launch a fungible $150 million add-on term loan B (BB-) that is talked with an original issue discount of 99.5, according to a market source.

Pricing on the add-on term loan is Libor plus 350 basis points with a 0.75% Libor floor.

JPMorgan Chase Bank is the lead on the deal.

Commitments are due at 5 p.m. ET on Sept. 27, the source added.

Proceeds will be used to repay repurchase facilities.

Along with the term loan, the company is looking to amend a covenant in its existing credit agreement.

Starwood Property Mortgage is a finance company.

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