Claros Mortgage lifts term loan B to $450 million, sets OID at 99.5

By Sara Rosenberg

New York, Aug. 6 – Claros Mortgage Trust Inc. upsized its seven-year senior secured term loan B to $450 million from $350 million and firmed the original issue discount at 99.5, the tight end of the 99 to 99.5 talk, according to a market source.

Pricing on the term loan remained at Libor plus 325 basis points with a 0% Libor floor.

The term loan has 101 soft call protection for six months.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used for general corporate purposes and new loan origination.

Claros Mortgage Trust is a commercial mortgage real estate investment trust with a focus on lending on large scale, transitional assets.

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