Starwood Property Trust Prices $600M 6.125% Notes, Q1 Revenue Up 20%
STWD•Starwood Property Trust priced a $600m 6.125% senior note offering due 2031 at par, allocating proceeds to refinance $400m of 3.625% notes due 2026 and fund green projects; settlement is expected May 26. Q1 revenue rose 20% to $500m; distributable earnings declined to $0.39/share and dividend was maintained at $0.48/share.
1. Pricing of $600M 6.125% Senior Notes
Starwood Property Trust priced a $600 million private offering of unsecured senior notes carrying a 6.125% coupon and maturing in 2031 at 100% of par. The settlement is scheduled for May 26, with net proceeds earmarked for refinancing $400 million of 3.625% notes due 2026 and financing eligible green projects.
2. Q1 Financial Results and Dividend
In the first quarter, the company reported a 20% increase in revenue to $500 million while distributable earnings declined to $0.39 per share due to integration and nonrecurring costs. Management elected to uphold the quarterly dividend at $0.48 per share, supported by strong liquidity and the balance sheet.
