Starwood Property: offering's proceeds at $368M
GREENWICH, Conn. (AP) — Starwood Property Trust says a public offering of 16 million shares raised about $368 million in gross proceeds.
The real estate investment trust said Thursday that it plans to use the offering's net proceeds after expenses to originate and to buy additional commercial mortgage loans and other target assets and investments. It may also use some of the funds for other general corporate purposes, such as paying liabilities and for other working capital needs.
The underwriters have a 30-day option to buy up to an additional 2.4 million shares.
Shares of Starwood Property Trust Inc., based in Greenwich, Conn., fell 43 cents, or 1.8 percent, to $23.20 in morning trading Thursday. Its shares hit a 52-week high of $24.56 in mid-September.