NEW YORK, April 25, 2018 /PRNewswire/ -- Sutherland Asset
Management Corporation (NYSE: SLD) ("Sutherland" or the "Company")
today announced that it priced an underwritten public offering of
$50 million aggregate principal
amount of its 6.50% Senior Notes due 2021 (the "Notes"). The Notes
will be issued in minimum denominations and integral multiples of
$25.00. The Company has granted to
the underwriters a 30-day option to purchase up to an additional
$7.5 million aggregate principal
amount of the Notes at the public offering price, less the
underwriting discount. The Company intends to use the net proceeds
from this offering to originate or acquire additional mortgage
loans and mortgage-related assets consistent with its investment
strategy and for general corporate purposes. Sandler O'Neill +
Partners, L.P. served as book-running manager and American Capital
Partners, LLC, Boenning & Scattergood, Inc., Incapital, R.
Seelaus & Co., Inc. and Wedbush Securities served as
co-managers for the offering.
The offering is expected to close on April 27, 2018 and is subject to customary
closing conditions. The Company has applied to list the Notes on
the New York Stock Exchange under the symbol "SLDD" and, if the
application is approved, trading is expected to commence within 30
days of the closing of the offering.
A registration statement relating to the Notes was declared
effective by the Securities and Exchange Commission (the "SEC") on
July 27, 2017. 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:
Sandler O'Neill + Partners, L.P., 1251 Avenue of the Americas,
6th Floor, New York, New
York 10020, Attention: Syndicate Operations (telephone: 1
(866) 805-4128, email: syndicate@sandleroneill.com).
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 primarily
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 Lending 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, 2017 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.
Contacts:
Sutherland Asset Management Corporation
Thomas E. Capasse
Chief Executive Officer
or
Frederick C. Herbst
Chief Financial Officer
RHerbst@waterfallam.com
212-257-4666
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SOURCE Sutherland Asset Management Corporation