GREENWICH, Conn., April 15, 2015 /PRNewswire/ -- Starwood
Property Trust, Inc. (NYSE: STWD) (the "Company") today announced
the pricing of an underwritten public offering of 12,000,000 shares
of its common stock for total estimated gross proceeds of
approximately $286 million (or
approximately $329 million if the
option to purchase additional shares is exercised in full).
The underwriters have a 30-day option to purchase up to an
additional 1,800,000 shares from the Company. Settlement of
the offering is subject to customary closing conditions and is
expected to occur on April 20,
2015. All of the shares will be issued under the Company's
currently effective shelf registration statement filed with the
Securities and Exchange Commission.
The Company intends to use the net proceeds received from the
offering to originate and purchase additional commercial mortgage
loans and other target assets and investments, including to fund a
portion of the purchase price for the Company's pending acquisition
of a portfolio of properties in Dublin, Ireland. The Company may also
use a portion of the net proceeds for other general corporate
purposes, including, but not limited to, the payment of liabilities
and other working capital needs.
Morgan Stanley & Co. LLC, Citigroup Global Markets Inc.,
J.P. Morgan Securities LLC and Wells Fargo Securities, LLC are
serving as joint book-running managers for the offering.
The offering of these securities may be made only by means of a
prospectus and a related prospectus supplement, a copy of which may
be obtained by contacting: Morgan Stanley & Co. LLC,
Attention: Prospectus Department, 180 Varick Street,
New York, New York 10014;
Citigroup Global Markets Inc., c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood, New
York 11717, Telephone: (800) 831-9146; J.P. Morgan
Securities LLC, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, New York
11717, Telephone: (866) 803-9204; or Wells Fargo Securities,
LLC, 375 Park Avenue, New York, New
York 10152, Attention: Equity Syndicate Dept., Telephone:
(800) 326-5897.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of
these securities in any state in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any state.
About Starwood Property Trust, Inc.
Starwood Property Trust, Inc. (NYSE: STWD), an affiliate of
global private investment firm Starwood Capital Group, is the
largest commercial mortgage real estate investment trust in
the United States. The Company's
core business focuses on originating, acquiring, financing and
managing commercial mortgage loans and other commercial real estate
debt investments. Through its subsidiaries LNR Property, LLC and
Hatfield Philips International, the Company also operates as the
largest commercial mortgage special servicer in the United States and one of the largest
primary and special servicers in Europe. With total capital
deployed since inception of approximately $17.0 billion, the Company continues to solidify
its position as one of the premier real estate finance companies in
the country.
Forward-Looking Statements
Statements in this press release which are not historical fact
may be deemed forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Although the Company believes the
expectations reflected in any forward-looking statements are based
on reasonable assumptions, it can give no assurance that its
expectations will be attained. Factors that could cause
actual results to differ materially from the Company's expectations
include: (i) factors described in the Company's Annual Report on
Form 10-K for the year ended December 31, 2014, including
those set forth under the captions "Risk Factors" and "Business";
(ii) defaults by borrowers in paying debt service on outstanding
indebtedness; (iii) impairment in the value of real estate property
securing the Company's loans; (iv) availability of mortgage
origination and acquisition opportunities acceptable to the
Company; (v) the Company's ability to fully integrate LNR Property
LLC, which was acquired on April 19,
2013, into its business and achieve the benefits that the
Company anticipates from this acquisition; (vi) potential
mismatches in the timing of asset repayments and the maturity of
the associated financing agreements; (vii) national and local
economic and business conditions; (viii) general and local
commercial and residential real estate property conditions; (ix)
changes in federal government policies; (x) changes in federal,
state and local governmental laws and regulations; (xi) increased
competition from entities engaged in mortgage lending and
securities investing activities; (xii) changes in interest rates;
and (xiii) the availability of and costs associated with sources of
liquidity.
Contact:
Zachary Tanenbaum
Starwood Property Trust
Phone: 203-422-7788
Email: ztanenbaum@starwood.com
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SOURCE Starwood Property Trust, Inc.