GREENWICH, Conn., Sept. 5,
2024 /PRNewswire/ -- Starwood Property Trust, Inc.
(NYSE: STWD) (the "Company") today announced that the underwriters
for the Company's recently completed public offering of 17,500,000
shares of its common stock have fully exercised their option to
purchase an additional 2,625,000 shares. After giving effect to the
full exercise of the option, the aggregate net proceeds of the
offering of the 20,125,000 shares of common stock will be
approximately $391.7 million after
deducting the Company's estimated expenses. Settlement of the sale
of the additional shares is expected to take place on September 6, 2024, subject to customary closing
conditions, with settlement of the initial shares having taken
place on September 5, 2024. All of
the shares have been or 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
served as joint book-running managers for the offering.
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 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
Contact:
Zachary Tanenbaum
Starwood Property Trust
Phone: 203-422-7788
Email: ztanenbaum@starwood.com
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SOURCE Starwood Property Trust, Inc.