Chicago, June 2 – Terra Property Trust Inc. sold an upsized offering of $78.5 million 6% notes in a public offering on Wednesday, according to a press release.
The notes will mature on June 30, 2026.
They may be redeemed at the issuer’s option any time after June 30, 2023.
Interest will be paid quarterly.
The offer was launched for $40 million.
There is a greenshoe option for an additional $11.5 million of notes.
Ladenburg Thalmann & Co. Inc., B. Riley Securities, Inc., Incapital LLC and William Blair & Co. LLC are acting as joint bookrunning managers of the registered offering.
The notes are expected to be listed on the New York Stock Exchange under the symbol “TPTA.”
The real estate investment manager is based in New York City.
| Issuer: | Terra Property Trust Inc.
|
| Issue: | Notes
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| Amount: | $78.5 million
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| Greenshoe: | $11.5 million
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| Maturity: | June 30, 2026
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| Bookrunners: | Ladenburg Thalmann & Co. Inc., B. Riley Securities, Inc., Incapital LLC and William Blair & Co. LLC
|
| Counsel to issuer: | Alston & Bird LLP
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| Counsel to underwriters: | Blank Rome LLP
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| Coupon: | 6%
|
| Price: | Par of $25
|
| Yield: | 6%
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| Call features: | Any time after June 30, 2023
|
| Trade date: | June 2
|
| Settlement date: | June 10
|
| Ratings: | Egan-Jones: BBB-
|
| Distribution: | Public
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