Starwood Property Trust, Greenwich, Conn., has priced a 25 million share offering of its common stock to yield gross proceeds of approximately $607.5 million. This works out to about $24.30 per share.
Its stock opened on Tuesday at $24.29 a share, after closing on Monday at $25.04 per share. It ended the day down 4.71% or $1.18 to $23.86 per share.
Proceeds of the offering are being used to originate and purchase additional commercial mortgage loans and other target assets and investments. There is a 3.75 million share overallotment available.
The joint book-running managers of the offering are Citigroup, Deutsche Bank Securities and Wells Fargo Securities.
In the second quarter, Starwood Property Trust acquired LNR LLC. That purchase helped to
