Starwood Property Trust Inc. has completed the sale of 23 million shares of its common stock, including 3 million shares sold pursuant to the exercise in full of the underwriters' over-allotment option, at a price of $19.73 per share. The net proceeds of the sale were approximately $434.8 million.
The company says it intends to use the net proceeds received from the offering to purchase additional commercial mortgage loans and other target assets. The company may also use a portion of the net proceeds for other general corporate purposes, including the repayment of outstanding indebtedness and working capital needs.
SOURCE: Starwood Property Trust