Blackstone Mortgage to launch $400 million term loan B on Tuesday

By Sara Rosenberg

New York, April 8 – Blackstone Mortgage Trust Inc. is set to hold a bank meeting on Tuesday to launch a $400 million seven-year senior secured term loan B (BB-), according to a market source.

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

Price talk on the term loan is Libor plus 250 basis points to 275 bps with a 0% Libor floor and an original issue discount of 99.5, the source said.

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

Proceeds will be used for general corporate purposes, including investment portfolio growth.

Commitments are due at 5 p.m. ET on April 17, the source added.

Blackstone Mortgage Trust is a New York-based real estate finance company.

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