Starwood Property Trust (STWD) said Thursday it raised $783 million, extended debt maturities and reduced its borrowing costs via several capital market deals this month.
The company said it priced $500 million of 6.5% senior unsecured sustainability notes due July 2030 and increased the sizes of two term loans and a revolving credit facility while stretching the maturities.
Starwood said the transactions extended the weighted average remaining maturity of its corporate debt to 3.5 years from 2.2 years, substantially reduced borrowing costs and generated fresh capital at record-low spreads.
The company also said that following the repayment of unsecured notes due this month and in March, the corporate debt maturity schedule will be clear until July 2026.
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