Starwood Property Trust Announces Private Offering of Sustainability Bonds in a Private Offering.
GREENWICH, CT (STL.News) Starwood Property Trust, Inc. (NYSE: STWD) (the “Company”) today announced that subject to market and other conditions; it is offering $400 million aggregate principal amount of its unsecured senior notes due 2024 (the “Notes”) in a private offering.
The Company intends to allocate an amount equal to the net proceeds from the offering to finance or refinance, in whole or in part, recently completed or future eligible green or social projects. Eligible green or social projects are projects that meet specified eligibility criteria in alignment with the four core pillars of the Green Bond Principles, 2018, Social Bond Principles, 2020 and Sustainability Bond Guidelines, 2018 and include investments in, financings of, or acquisitions of one or more of the following: (i) renewable energy, (ii) green buildings and (iii) affordable housing. Net proceeds allocated to previously incurred costs associated with eligible green or social projects will be available to repay indebtedness previously incurred. Pending full allocation of an amount equal to the net proceeds to eligible green or social projects, the Company intends to use the net proceeds to fund the repayment at par of its 5.00% Senior Notes due December 2021 and for general corporate purposes, including the repayment of outstanding indebtedness under the Company’s repurchase facilities.
The Notes will be offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The Notes will not initially be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from the registration requirements of the Securities Act or any state securities laws.
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 before registration or qualification under the securities laws of any such state or jurisdiction.
About Starwood Property Trust, Inc.
Starwood Property Trust, Inc. (NYSE: STWD) is a leading diversified financial 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 $76 billion of capital since inception and manages a portfolio of over $21 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 premier global organization to identify and execute on the best risk-adjusted returning investments across its target assets.
SOURCE: Starwood Property Trust, Inc. via PRNewswire (Promotional Content)