GREENWICH, Conn., April 9, 2013 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) (the "Company") today announced the pricing of an underwritten public offering of 26,500,000 shares of its common stock for total estimated gross proceeds of approximately $723.5 million (or approximately $832.0 million if the option to purchase additional shares is exercised in full). The underwriters have a 30-day option to purchase up to an additional 3,975,000 shares from the Company. Settlement of the offering is subject to customary closing conditions and is expected to occur on April 12, 2013. 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 purchase additional commercial mortgage loans and other target assets and investments. Depending upon the timing of the closing of those transactions, the closing of the Company's acquisition of certain business segments of LNR Property LLC ("LNR"), and the Company's receipt of funds from asset repayments, sales of assets or other financings, the Company may utilize a portion of the net proceeds to fund a portion of the purchase price of LNR. 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.
Credit Suisse Securities ( USA) LLC, Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC are acting as joint book-running managers 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: Credit Suisse Securities ( USA) LLC, One Madison Avenue, New York, New York 10010, Attention: Prospectus Department, Telephone: (800) 221-1037, Email: email@example.com; Deutsche Bank Securities Inc., 60 Wall Street, New York, New York 10005-2836, Attention: Prospectus Group, by calling (800) 503-4611, or by emailing firstname.lastname@example.org; or Wells Fargo Securities, LLC, 375 Park Avenue, New York, NY 10152, Attention: Equity Syndicate Dept., (800) 326-5897 or email@example.com.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.