Starwood Waypoint to price $150 million three-year convertibles to yield 4%-4.5%, up 20%-25%

By Rebecca Melvin

New York, Oct. 6 – Starwood Waypoint Residential Trust plans to price $150 million of three-year convertible senior notes after the market close on Tuesday that were talked to yield 4% to 4.5% with an initial conversion premium of 20% to 25%, according to a syndicate source.

There is a $22.5 million greenshoe for the Rule 144A deal that is being marketed via joint bookrunners, J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and BofA Merrill Lynch.

Proceeds are expected to be used to acquire additional homes and distressed and non-performing residential mortgage loans, to repurchase common shares and for general business purposes.

Oakland, Calif.-based Starwood is a REIT that acquires, renovates, leases, maintains and managers single-family homes.

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