Key Developments: Starwood Property Trust Inc (STWD.N)
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Latest Key Developments (Source: Significant Developments)
Starwood Property Trust Inc Announces Pricing of Convertible Notes
Starwood Property Trust Inc announced the pricing of an underwritten public offering of $400,000,000 aggregate principal amount of its 4.00% Convertible Senior Notes due 2019 (the Notes) for total gross proceeds of $400 million. The underwriters have a 30-day option to purchase up to an additional $60,000,000 aggregate principal amount of Notes from the Company to cover over-allotments, if any. Settlement of the offering is subject to customary closing conditions and is expected to occur on July 3, 2013. All of the Notes will be issued under the Company's currently effective shelf registration statement filed with the Securities and Exchange Commission. The Notes will be the Company's senior unsecured obligations and will rank equally with all of its present and future senior unsecured debt and senior to any future subordinated debt. The Notes will pay interest semiannually at a rate of 4.00% per annum and will mature on January 15, 2019. 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 payment of liabilities and other working capital needs. BofA Merrill Lynch, Barclays and Goldman, Sachs & Co. are serving as joint book-running managers for the offering. Full Article
Starwood Property Trust Inc Announces Public Offering Of Convertible Notes
Starwood Property Trust Inc announced that it is offering $400,000,000 aggregate principal amount of Convertible Senior Notes due 2019 in an underwritten public offering. Prior to July 15, 2018, the Notes will be convertible only upon certain circumstances and during certain periods, and thereafter will be convertible at any time prior to the close of business on the second scheduled trading day prior to maturity. Upon conversion, holders will receive cash, shares of the Company's common stock or a combination thereof at the Company's election. The underwriters will have a 30-day option from the date of the offering to purchase up to an additional $60,000,000 aggregate principal amount of Notes from the Company to cover over-allotments, if any. 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 payment of liabilities and other working capital needs. BofA Merrill Lynch, Barclays and Goldman, Sachs & Co. will serve as joint book-running managers for the offering. Full Article
Starwood Property Trust Inc Declares Dividend
Starwood Property Trust Inc announced that Board of Directors increased and declared a dividend of $0.46 per share of common stock for the quarter ending June 30, 2013. The dividend is payable on July 15, 2013 to common stockholders of record as of June 28, 2013. Full Article
Starwood Property Trust Inc Issues FY 2013 EPS Guidance In Line With Analysts' Estimates
Starwood Property Trust Inc announced that for fiscal 2013, it expects core earnings in the range of $1.90 to $2.00 per diluted share (EPS). According to I/B/E/S Estimates, analysts are expecting the Company to report EPS of $1.98 for fiscal 2012. Full Article
Starwood Property Trust Inc Announces Pricing of Common Stock Offering
Starwood Property Trust Inc announced the pricing of an underwritten public offering of 26,500,000 shares of its common stock for total estimated gross proceeds of approximately $723.5 million (or approximately $832.0 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 3,975,000 shares from the Company. Settlement of the offering is subject to customary closing conditions and is expected to occur on April 12, 2013. 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 payment of liabilities and other working capital needs. Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC are acting as joint book-running managers for the offering. Full Article
Starwood Property Trust Inc Announces Public Offering of Common Stock
Starwood Property Trust Inc announced that it is offering 26,500,000 shares of its common stock in an underwritten public offering. The underwriters will have a 30-day option from the date of the offering to purchase up to an additional 3,975,000 shares from the Company. 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. Depending upon the timing of the closing of those transactions, the closing of the Company's acquisition of certain business segments of LNR Property LLC (LNR), and the Company's receipt of funds from asset repayments, sales of assets or other financings, the Company may utilize a portion of the net proceeds to fund a portion of the purchase price of LNR. The Company may also use a portion of the net proceeds for other general corporate purposes, including, but not limited to, the payment of liabilities and other working capital needs. Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC will serve as joint book-running managers for the offering. Full Article
Starwood Property Trust Inc Declares Dividend
Starwood Property Trust Inc announced that the Company's Board of Directors declared a dividend of $0.44 per share of common stock for the quarter ending March 31, 2013. The dividend is payable on April 15, 2013 to common stockholders of record as of March 29, 2013. Full Article
Starwood Property Trust Inc Announces Pricing Of Convertible Notes
Starwood Property Trust Inc announced that the pricing of an underwritten public offering of $525,000,000 aggregate principal amount of its 4.55% Convertible Senior Notes due 2018 (the Notes) for total gross proceeds of $525 million. The underwriters have a 30-day option to purchase up to an additional $75,000,000 aggregate principal amount of Notes from the Company to cover over-allotments, if any. All of the Notes 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 to purchase additional commercial mortgage loans and other target assets and investments. Depending upon the timing of the closing of those transactions, the closing of the Company's acquisition of LNR Property LLC (LNR), and the Company's receipt of funds from asset repayments, sales of assets or other financings, the Company may utilize a portion of the proceeds to fund a portion of the purchase price of LNR. The Company may also use a portion of the net proceeds for other general corporate purposes, including, but not limited to, the payment of liabilities and other working capital needs. Deutsche Bank Securities, BofA Merrill Lynch, Citigroup, Credit Suisse and Goldman, Sachs & Co. are serving as joint book-running managers for the offering. Full Article
Starwood Property Trust Inc Announces Public Offering Of Convertible Notes
Starwood Property Trust Inc announced that it is offering $450,000,000 aggregate principal amount of Convertible Senior Notes due 2018 (the Notes) in an underwritten public offering. Prior to September 1, 2017, the Notes will be convertible only upon certain circumstances and during certain periods, and thereafter will be convertible at any time prior to the close of business on the second scheduled trading day prior to maturity. Upon conversion, holders will receive cash, shares of the Company's common stock or a combination thereof at the Company's election. The Company intends to use the net proceeds received from the offering to originate and to purchase additional commercial mortgage loans and other target assets and investments. Depending upon the timing of the closing of those transactions, the closing of the Company's acquisition of LNR Property LLC (LNR), and the Company's receipt of funds from asset repayments, sales of assets or other financings, the Company may utilize a portion of the proceeds to fund a portion of the purchase price of LNR. The Company may also use a portion of the net proceeds for other general corporate purposes, including, but not limited to, the payment of liabilities and other working capital needs. Deutsche Bank Securities, BofA Merrill Lynch, Citigroup, Credit Suisse and Goldman, Sachs & Co. will serve as joint book-running managers for the offering. Full Article
Starwood Property Trust Inc And Starwood Capital Group To Acquire LNR Property LLC
Starwood Property Trust Inc and Starwood Capital Group announced that they have entered into a definitive agreement to acquire LNR Property LLC (LNR) for a total purchase price of $1.05 billion in cash. LNR, founded in 1969, is a diversified real estate investment, finance, management and development firm. Under the terms of the agreement, Starwood Property Trust will acquire the following LNR business segments for a total purchase price of $856 million: US Special Servicer the special servicer with over $131 billion in loans under management and real estate owned; US Investment Securities Portfolio a portfolio of legacy whole loans, CMBS and CDO investments; Archetype Mortgage Capital a commercial real estate conduit loan origination platform designed to provide financing solutions throughout the US; Archetype Financial Institution Services an acquirer, manager, and servicer of portfolios of small balance commercial loans and real estate assets; LNR Europe which consists of Hatfield Philips, the independent primary and special servicer in Europe, and LNR European Investment Fund, a European CRE debt fund; and Auction.com 50% of LNR's interest in the real estate exchange selling residential and commercial real estate via auction. In addition, Starwood Capital Group will acquire for $197 million both LNR's US Commercial Property Group and the other 50% of LNR's ownership interest in Auction.com. Full Article

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