Starwood Property seeks $350 million term B at Libor plus 250-275 bps

By Sara Rosenberg

New York, June 26 – Starwood Property Mortgage held a lender call on Wednesday to launch a $350 million seven-year term loan B that is talked at Libor plus 250 basis points to 275 bps with a 0% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

J.P. Morgan Securities LLC and Morgan Stanley Senior Funding Inc. are the lead banks on the deal.

Commitments are due at 5 p.m. ET on July 9, the source added.

Proceeds will be used to refinance existing debt, including an existing term loan A.

Starwood Property Mortgage is a finance company.

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