Safehold GL to price fixed-rate senior notes via four bookrunners

By Marisa Wong

Los Angeles, Feb. 29 – Safehold GL Holdings LLC is offering fixed-rate senior notes guaranteed by Safehold Inc., according to a 424B5 filing with the Securities and Exchange Commission.

The notes will feature an optional make-whole call, followed by a par call.

J.P. Morgan Securities LLC, BofA Securities, Inc., Goldman Sachs & Co. LLC and Truist Securities, Inc. are the joint bookrunners.

U.S. Bank Trust Co., NA is the trustee.

Latham & Watkins LLP will act as counsel for the issuer, with Venable LLP handling matters of Maryland law. Sidley Austin LLP will act as counsel for the underwriters.

Proceeds will be used to repay borrowings under the company’s 2021 revolver and for general corporate purposes, which may include making additional investments in ground leases, providing for working capital and funding obligations under existing ground lease commitments.

The New York-based company acquires, manages and capitalizes ground leases.

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