Ladder Capital Corp announced the pricing of a private offering of $500 million in senior notes due 2031, with an interest rate of 7.000%. The offering, managed by its subsidiaries Ladder Capital Finance Holdings LLLP and Ladder Capital Finance Corporation, is anticipated to close on or around July 5, 2024, pending customary closing conditions. These notes are senior unsecured obligations and will be guaranteed on a senior unsecured basis by Ladder Capital Corp and its wholly owned domestic subsidiaries.
The proceeds from this offering will be partly used to repay existing secured debt, with the remainder allocated for general corporate purposes. Moody’s Ratings has affirmed Ladder’s Ba1 long-term corporate family rating, upgrading the senior unsecured notes ratings to Ba1 and revising the outlook to positive. Fitch Ratings affirmed the BB+ long-term issuer default ratings and senior unsecured debt ratings of the issuers, also revising the outlook to positive. S&P Global Ratings upgraded its issuer credit and issue ratings on the issuer’s senior unsecured notes to BB with a stable outlook.
The notes were offered to qualified institutional buyers under Rule 144A of the Securities Act of 1933 and to non-U.S. persons outside the United States under Regulation S. The notes are not registered under the Securities Act and cannot be offered or sold in the U.S. without registration or an applicable exemption.
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By Proptechbuzz
By Ravi Kumar
