Press release from PR Newswire
Starwood Property Trust, Inc. Increases Size of Existing Senior Secured Term Loan to $673.5 million
Monday, December 02, 2013
Starwood Property Trust, Inc. Increases Size of Existing Senior Secured Term Loan to $673.5 million07:30 EST Monday, December 02, 2013
GREENWICH, Conn., Dec. 2, 2013 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced the upsizing of its existing senior secured term loan to $673.5 million from $300 million. The term loan, which the Company originally entered into in April 2013, is due April 2020 and is priced at LIBOR plus a margin of 2.75%. The Company will use the proceeds to fund its loan origination and acquisition pipeline.
"We continue to access multiple sources of capital in order to extend our debt maturities and lower our overall cost of capital to support the growth of our pipeline of investment opportunities. In 2013 alone, Starwood Property Trust has raised $3.25 billion of capital, comprised of $1.51 billion of common equity, $1.06 billion of convertible notes and $675 million of term loans. Our ability to enhance yields on our investment by utilizing well-priced capital is an important competitive advantage for Starwood Property Trust, and we appreciate the continued support of our investors and lenders," stated Andrew Sossen, Chief Operating Officer of Starwood Property Trust.
About Starwood Property Trust, Inc.
Starwood Property Trust, Inc. is focused on originating, investing in, financing and managing commercial mortgage loans and other commercial real estate debt investments, commercial mortgage-backed securities ("CMBS"), and other commercial real estate-related debt investments. The Company through its 2013 acquisition of LNR now also operates as a special servicer in the United States and as a primary and special servicer in Europe and has expanded its product offering to include fixed rate conduit loans. Starwood Property Trust, Inc. also invests in residential mortgage-backed securities ("RMBS"), residential real estate owned and non-performing residential loans, and may invest in non-performing commercial loans, commercial properties subject to net leases and performing residential mortgage loans. The Company is externally managed and advised by SPT Management, LLC, an affiliate of Starwood Capital Group, and has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes.
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. Although Starwood Property Trust, Inc. 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 completion of pending investments, continued ability to acquire additional investments, competition within the finance and real estate industries, economic conditions, availability of financing and other risks detailed from time to time in the Company's reports filed with the SEC.
Additional information can be found on the Company's website at www.starwoodpropertytrust.com
Contact: Investor Relations Phone: 203-422-7788Email: email@example.com
SOURCE Starwood Property Trust, Inc.