GREENWICH, Conn., Sept. 21, 2020 /PRNewswire/ -- Starwood Property
Trust, Inc. (NYSE: STWD) ("the Company") today announced that
Starwood Property Mortgage LLC ("SPM"), a wholly owned subsidiary
of the Company, has priced a $250
million term loan ("Term Loan B"). The Term Loan B priced at
L+350, matures in July 2026
(coterminous with SPM's existing $400
million term loan B), and is callable at any time.
"We are very pleased to have further diversified our balance
sheet and extend our debt maturities. We will use the proceeds from
the Term Loan B to repay a portion of our $500 million February
2021 senior notes when they open for repayment at par on
November 1, 2020. We have ample
liquidly today to pay off the remainder of the February 2021 notes, and as we have in the past,
will opportunistically look to access the vastly improved debt
markets to either accretively make new investments or reduce future
debt maturities," stated
Andrew Sossen, Chief Operating
Officer of Starwood Property Trust.
About Starwood Property Trust, Inc.
Starwood Property Trust (NYSE: STWD), is a leading diversified
finance company with a core focus on the real estate and
infrastructure sectors. An affiliate of global private investment
firm Starwood Capital Group, the Company has successfully deployed
over $63 billion of capital since
inception and manages a portfolio of over $17 billion across debt and equity investments.
Starwood Property Trust's investment objective is to generate
attractive and stable returns for shareholders, primarily through
dividends, by leveraging a premiere global organization to identify
and execute on the best risk adjusted returning investments across
its target assets. Additional information can be found at
www.starwoodpropertytrust.com.
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, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, including
statements with respect to the anticipated settlement of this
offering and the use of proceeds. 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,
2019 and its Quarterly Report on Form 10-Q for the quarter
ended June 30, 2020, 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 or in which the Company invests; (iv)
availability of mortgage origination and acquisition opportunities
acceptable to the Company; (v) potential mismatches in the timing
of asset repayments and the maturity of the associated financing
agreements; (vi) national and local economic and business
conditions; (vii) general and local commercial and residential real
estate property conditions; (viii) changes in federal government
policies; (ix) changes in federal, state and local governmental
laws and regulations; (x) increased competition from entities
engaged in mortgage lending and securities investing activities;
(xi) changes in interest rates; and (xii) 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.