Sternlicht's Starwood slips on $350 mln green convertible notes deal

Starwood Property Trust (Maryland)

22/06/2023 17:13

** Shares of Starwood Property Trust Inc  STWD.N , led by
billionaire Barry Sternlicht, down 4.2% at $18.63 after
announcing planned capital raise
    ** Commercial mortgage REIT offering publicly $350 mln 4-yr
convertible bonds
    ** Co intends to use net offering proceeds to finance or
refinance recently completed or future eligible green and/or
social projects
    ** Eligible projects include buildings that have received
green certifications, along with renewable energy, energy
efficiency and clean transportation (such as installation of EV
charging stations or bicycle accommodations), and affordable
housing, per the prospectus filing
    ** Goldman Sachs, JP Morgan, Wells Fargo, Barclays, BofA and
Citigroup jt bookrunners for offering slated to price after
markets close Thurs
    ** STWD has ~$5.8 bln current market cap, per Refinitiv data
    ** With move on the session, stock up ~6% in June and
trading at roughly 10.3% dividend yield

 (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))