GREENWICH, Conn., Sept. 3,
2024 /PRNewswire/ -- Starwood Property Trust, Inc.
(NYSE: STWD) (the "Company") today announced the pricing of an
underwritten public offering of 17,500,000 shares of its common
stock for total estimated gross proceeds of approximately
$345.1 million (or approximately
$396.9 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 2,625,000
shares from the Company. Settlement of the offering is subject to
customary closing conditions and is expected to occur on
September 5, 2024. 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. The Company may also
use a portion of the net proceeds for other general corporate
purposes, including, but not limited to, the repayment of
outstanding indebtedness under the Company's repurchase
facilities.
Citigroup, Goldman Sachs & Co. LLC and Morgan Stanley
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: Citigroup Global Markets Inc., c/o
Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, telephone:
(800) 831-9146; Goldman Sachs & Co. LLC, Prospectus Department,
200 West Street, New York, NY
10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by
emailing Prospectus-ny@ny.email.gs.com; or Morgan Stanley & Co.
LLC, 180 Varick Street, 2nd Floor, New
York, NY 10014, Attn: Prospectus Department.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Starwood Property Trust, Inc.
Starwood Property Trust, Inc. (NYSE: STWD), an affiliate of
global private investment firm Starwood Capital Group, is a leading
diversified finance company with a core focus on the real estate
and infrastructure sectors. As of June 30,
2024, the Company has successfully deployed over
$98 billion of capital since
inception and manages a portfolio of $26
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.
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, as amended, including statements
with respect to the anticipated 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, 2023 and its Quarterly Reports on Form 10-Q for
the quarters ended March 31, 2024 and
June 30, 2024, including those set
forth under the captions "Risk Factors", "Business", and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations"; (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) the Company's ability to
achieve the benefits that it anticipates from the prior acquisition
of the project finance origination, underwriting and capital
markets business of GE Capital Global Holdings, LLC; (vii) national
and local economic and business conditions, including as a result
of the impact of public health emergencies; (viii) the occurrence
of certain geo-political events (such as wars, terrorist attacks
and tensions between states) that affect the normal and peaceful
course of international relations; (ix) general and local
commercial and residential real estate property conditions; (x)
changes in federal government policies; (xi) changes in federal,
state and local governmental laws and regulations; (xii) increased
competition from entities engaged in mortgage lending and
securities investing activities; (xiii) changes in interest rates;
and (xiv) 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.