Sternlicht's Starwood Property falls on pricing $345 mln stock offering

Starwood Property Trust (Maryland)

04/09/2024 11:36

** Shares of Starwood Property Trust  STWD.N , led by
billionaire Barry Sternlicht, down 2.9% at $19.95 premarket
after overnight follow-on priced
    ** Commercial mortgage REIT late Tues sold 17.5 mln shares
for ~$345.1 mln gross proceeds
    ** Offering priced at $19.72, 4% discount to stock's last
sale
    ** Citigroup, Goldman Sachs and Morgan Stanley jt
bookrunners
    ** Co to use net proceeds to originate, purchase additional
commercial mortgage loans, other target assets, investments, and
for other purposes including debt repayment
    ** It has ~316.7 mln shares outstanding for $6.5 bln market
cap
    ** STWD shares had risen ~6% over the past month through
Tues, leaving them down ~2% YTD
    ** 5 of 9 analysts rate STWD "strong buy" or "buy", rest
"hold" with $22 median PT, per LSEG data

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))