Starwood Property Trust, Inc. - Form 8-K Filing

Starwood Property Trust, Inc. has announced the closing of its private offering of $600 million in aggregate principal amount of 6.125% unsecured senior notes due 2031. The notes were issued under an indenture with The Bank of New York Mellon as trustee. The offering was exempt from registration requirements and was made to qualified institutional buyers and non-U.S. persons. The company intends to use the net proceeds to finance eligible green and/or social projects. Pending full allocation, the proceeds will be used to redeem outstanding 3.625% Senior Notes due 2026 and for general corporate purposes, including repaying outstanding indebtedness under repurchase facilities. The notes are senior unsecured obligations maturing on June 1, 2031, with interest payable semi-annually. The indenture includes provisions for potential future subsidiary guarantees under certain circumstances, and outlines the ranking of the notes, optional redemption terms, and procedures in case of a change of control. Covenants limit the incurrence of additional indebtedness and require the maintenance of Total Unencumbered Assets. Events of Default are also detailed within the indenture.