GREENWICH, Conn., Sept. 23, 2013 /PRNewswire/ -- In connection with its most recent underwritten public offering, Starwood Property Trust, Inc. (NYSE: STWD) (the "Company") today announced the full exercise and closing of the underwriters' option to purchase an additional 3,750,000 shares of the Company's common stock for gross proceeds of approximately $91.1 million. After giving effect to the full exercise of the option, the Company sold a total of 28,750,000 shares of common stock in the offering for aggregate gross proceeds of approximately $698.6 million. All of the shares were offered by the Company and were 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. 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, Deutsche Bank Securities and Wells Fargo Securities acted as joint book-running managers for the offering.
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, acquiring, 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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV