Starwood Property Trust Announces Pricing of Common Stock Offering
GREENWICH, Conn., April 17, 2012 /PRNewswire/ -- Starwood Property Trust, Inc. (STWD) (the "Company") today announced the pricing of an underwritten public offering of 20,000,000 shares of its common stock. The underwriters have a 30-day option to purchase up to an additional 3,000,000 shares from the Company. Settlement of the offering is subject to customary closing conditions and is expected to occur on April 20, 2012. All of the shares will be issued under the Company's currently effective shelf registration statement filed with the Securities and Exchange Commission.
The Company intends to use the net proceeds received from the offering to originate and to purchase additional commercial mortgage loans and other assets. The Company may also use a portion of the net proceeds for other general corporate purposes, including, but not limited to, the payment of liabilities and other working capital needs.
Citigroup and Wells Fargo Securities are acting as the underwriters for the offering.
The offering of these securities may be made only by means of a prospectus and a related prospectus supplement, a copy of which may be obtained by contacting: Citigroup, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220, Attention: Prospectus Department, Telephone: (800) 831-9146, or by e-mailing email@example.com; or Wells Fargo Securities, 375 Park Avenue, New York, NY 10152, Attention: Equity Syndicate Dept., (800) 326-5897 or firstname.lastname@example.org.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state.
About Starwood Property Trust, Inc.
Starwood Property Trust, Inc. focuses primarily on originating, investing in, financing and managing commercial mortgage loans and other commercial and residential real estate-related debt investments. Starwood Property Trust, Inc. is externally managed and advised by SPT Management, LLC, an affiliate of Starwood Capital Group, and has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes.
Statements in this press release which are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company's expectations include (i) factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2011, including those set forth under the captions "Risk Factors" and "Business" and in the Company's other periodic reports filed with the Securities and Exchange Commission; (ii) defaults by borrowers in paying debt service on outstanding items; (iii) impairment in the value of real estate property securing the Company's loans; (iv) availability of mortgage origination and acquisition opportunities acceptable to the Company; (v) potential mismatches in the timing of asset repayments and the maturity of the associated financing agreements; (vi) national and local economic and business conditions; (vii) general and local commercial real estate property conditions; (viii) changes in federal government policies; (ix) changes in federal, state and local governmental laws and regulations; (x) increased competition from entities engaged in mortgage lending; (xi) changes in interest rates; (xii) the availability of and costs associated with sources of liquidity; (xiii) factors associated with the ownership of residential real estate assets acquired by the Company directly or indirectly in settlement of loans ("residential REO") and held for lease and potentially for sale, including: macroeconomic shifts in demand for, and competition in the supply of, residential rental properties; the inability to lease or re-lease properties to tenants on attractive terms or at all; the failure of tenants to pay rent when due or otherwise perform their lease obligations; unanticipated repairs, capital expenditures or other costs; uninsured damages; increases in property taxes and insurance costs; our ability to dispose of the residential REO in a timely manner in response to changes in market conditions; and potential tax liabilities owed, and limitations imposed, upon disposition of the residential REO; and (xiv) factors relating to the Company's investment in distressed or non-performing residential mortgage loans acquired with the expectation of their conversion into residential REO or other commercial resolution, including the Company's ability to convert such investments into residential REO or to effect another commercial resolution in a timely manner or at all, the costs relating thereto, and the additional REIT qualification issues associated with the investment in distressed or non-performing residential mortgage loans.
SOURCE Starwood Property Trust, Inc.