By Wendy Van Sickle
Columbus, Ohio, April 25 – Sutherland Asset Management Corp. priced $50 million of 6˝% $25-par senior notes due 2021, according to a press release.
There is a $7.5 million greenshoe.
Sandler O’Neill & Partners, LP is the bookrunner.
American Capital Partners, LLC, Boenning & Scattergood, Inc., Incapital, R. Seelaus & Co., Inc. and Wedbush Securities are the co-managers.
The notes will be callable after one year.
Sutherland plans to use the proceeds to originate or acquire additional mortgage loans and mortgage-related assets consistent with its investment strategy and for general corporate purposes.
The company plans to list the notes on the New York Stock Exchange under the symbol “SLDD.”
Sutherland is a New York City-based real estate investment company.
Issuer: | Sutherland Asset Management Corp.
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Issue: | $25-par notes
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Amount: | $50 million
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Coupon: | 6˝%
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Greenshoe: | $7.5 million
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Bookrunner: | Sandler O’Neill & Partners, LP
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Call option: | After one year
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Pricing date: | April 25
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Settlement date: | April 27
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