Rialto talks $250 million five-year notes to yield 6¾%-7%; pricing expected Friday

By Paul A. Harris

Portland, Ore., Nov. 7 - Rialto Holdings, LLC and Rialto Corp. talked their $250 million offering of senior notes due 2018 (B2/B) to yield 6¾% to 7% on Thursday, according to a syndicate source.

Books close at 4:30 p.m. ET Thursday, and the deal is set to price on Friday.

Wells Fargo Securities LLC is the left bookrunner. J.P. Morgan Securities LLC and Deutsche Bank Securities Inc. are the joint bookrunners.

The Rule 144A and Regulation S for life notes come with two years of call protection.

Proceeds will be used to provide working capital to Rialto Mortgage Finance, as well as to repay sums that were advanced by Lennar Corp. to enable Rialto Mortgage to begin originating and securitizing loans, and to make investments in funds or entities managed or advised by Rialto Capital or its subsidiaries.

Rialto Holdings is the parent of Rialto Corp. and Rialto Mortgage Finance.

Miami, Fla.-based Rialto is a commercial real estate investment, investment management and finance company.

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