Diversifed REIT company Starwood Property Trust, Inc.(STWD) Tuesday announced the pricing of a public offering of 26.5 million shares for total estimated gross proceeds of approximately $723.5 million, or about $832.0 million if the option to purchase additional shares is exercised in full.
The company has granted underwriters a 30-day option to purchase up to an additional 3.98 million shares from the company. The settlement of the offering is expected to occur on April 12.
The firm said it intends to use the net proceeds received from the offering to originate and purchase additional commercial mortgage loans and other target assets and investments. It further said, subject to conditions, it may utilize a portion of the net proceeds to fund a portion of the purchase price of LNR and also for the payment of liabilities and other working capital needs.
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