NEW YORK, Aug. 9, 2017 /PRNewswire/ -- Sutherland
Asset Management Corporation (NYSE: SLD) (the "Company") today
announced that it closed an underwritten public sale of
$115 million aggregate principal
amount of its 7.00% Convertible Senior Notes due 2023
(CUSIP No. 86933F 602 and ISIN US86933F6025) which
includes $15 million in aggregate
principal amount pursuant to the underwriters' exercise of their
option to purchase additional notes (the "Notes"). The Company
intends to use the net proceeds from this offering to acquire
additional mortgage loans and mortgage-related assets consistent
with its investment strategy and for general corporate purposes.
Keefe, Bruyette & Woods, Inc. and JMP Securities LLC served as
joint book-running managers and Compass Point Research &
Trading, LLC as a co-manager for the public offering.
The expected net proceeds are $110.9
million after underwriting discounts and commissions and
estimated offering expenses payable by the Company. Interest on the
Notes will be paid at a rate of 7.00% per annum, payable quarterly
in arrears on February 15,
May 15, August
15 and November 15 of each
year, beginning on November 15, 2017.
The Notes will mature on August 15,
2023, unless earlier repurchased, redeemed or converted.
During certain periods and subject to certain conditions, the Notes
will be convertible by holders into shares of the Company's common
stock at an initial conversion rate of 1.4997 shares of common
stock per $25 principal amount of
Notes, which is equivalent to an initial conversion price of
approximately $16.67 per share of
common stock. Upon conversion, holders will receive, at the
Company's discretion, cash, shares of the Company's common stock or
a combination thereof.
The Company may, upon the satisfaction of certain conditions,
redeem all or any portion of the Notes, at its option, on or after
August 15, 2021, at a redemption
price payable in cash equal to 100% of the principal amount of the
Notes to be redeemed, plus accrued and unpaid interest.
Additionally, upon the occurrence of certain corporate
transactions, holders may require the Company to purchase the Notes
for cash at a purchase price equal to 100% of the principal amount
of the Notes to be purchased, plus accrued and unpaid interest.
A registration statement relating to the Notes has been declared
effective by the Securities and Exchange Commission (the
"SEC"). The offering was made only by means of a preliminary
prospectus supplement and accompanying prospectus, which have been
filed with the SEC. A copy of the prospectus supplement and
accompanying prospectus may be obtained free of charge at the SEC's
website at www.sec.gov or from the underwriters by contacting:
Keefe, Bruyette & Woods, Inc., 787 Seventh Avenue, Fourth
Floor, New York, NY 10019
(telephone: 800‑966-1559) or email: USCapitalMarkets@kbw.com or JMP
Securities LLC, 600 Montgomery Street, Suite 1100,
San Francisco, CA 94111,
Attention: Syndicate Department, or by calling (415) 835-3959.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the Company's securities,
nor shall there be any sale of the Company's 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 such state.
About Sutherland Asset Management Corporation
Sutherland Asset Management Corporation (NYSE: SLD) is a REIT
that originates, acquires, finances, services and manages small
balance commercial ("SBC") loans, U.S. Small Business
Administration loans under its Section 7(a) program, and
residential mortgage loans. The Company originates SBC loans
through its ReadyCap subsidiaries and originates residential
mortgage loans through its GMFS subsidiary. The Company is
externally managed and advised by Waterfall Asset Management,
LLC.
Forward-Looking Statements
This press release contains certain forward-looking
statements. Words such as "believes," "intends," "expects,"
"projects," "anticipates," and "future" or similar expressions are
intended to identify forward-looking statements. These
forward-looking statements are subject to the inherent
uncertainties in predicting future results and conditions, many of
which are beyond the control of the Company, including, without
limitation, the risk factors and other matters set forth in the
prospectus supplement and the accompanying prospectus and the
Company's Annual Report on Form 10-K for the year ended
December 31, 2016 filed with the SEC and in its other
filings with the SEC. The Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except
as may be required by law.
Contact
Investor Relations
Sutherland Asset Management
212-257-4666
SutherlandIR@waterfallam.com
View original
content:http://www.prnewswire.com/news-releases/sutherland-asset-management-corporation-announces-closing-of-public-sale-of-convertible-notes-300502116.html
SOURCE Sutherland Asset Management Corporation