Redwood Trust Announces Offering of Convertible Senior Notes Due 2030
Redwood Trust announced plans to offer $150 million of convertible senior notes due 2030 in a private Rule 144A placement to qualified institutional buyers, with initial purchasers holding an option for up to an additional $22.5 million of principal. Proceeds are earmarked to repurchase a portion of Redwood's 2027 notes, to buy back up to $20.0 million of common stock concurrently with pricing, and for general corporate purposes including funding the Sequoia, Aspire, and CoreVest mortgage banking platforms and the Redwood Investments portfolio.
Key figures
- Maturity year
- 2030
- Security type
- convertible senior notes, senior unsecured
- Notes principal
- 150000000
- Notes being refinanced
- 2027 Notes
- Greenshoe option principal
- 22500000
- Concurrent share repurchase cap
- 20000000
AI analysis
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