By Wendy Van Sickle
Columbus, Ohio, Nov. 22 – Granite Point Mortgage Trust Inc. priced $100 million of 7% series A fixed-to-floating rate cumulative redeemable preferred stock on Monday, according to a news release.
There is a $15 million greenshoe.
The $25-par preferreds have a fixed dividend of 7% per annum through Jan. 15, 2027 after which dividends will be based on SOFR plus a margin, which was not announced in the news release.
The preferreds are callable after five years.
Raymond James & Associates, Inc. is the bookrunner.
Skadden, Arps, Slate, Meagher & Flom LLP and Stinson LLP are working as counsel to the issuer.
The company plans to list the preferred stock on the New York Stock Exchange as “GPMTPrA.”
Proceeds will be used for general corporate purposes, which may include the partial repayment of the company’s 8% senior secured term loan facilities of certain subsidiaries due 2025.
Granite Point is a New York-based real estate investment trust focused on the origination, investment and management of senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments.
| Issuer: | Granite Point Mortgage Trust Inc.
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| Amount: | $100 million, or 4 million shares
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| Greenshoe: | $15 million, or 600,000 shares
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| Issue: | Series A fixed-to-floating rate cumulative redeemable preferred stock
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| Maturity: | Perpetual
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| Bookrunner: | Raymond James & Associates, Inc.
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| Co-manager: | JMP Securities
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| Dividend: | 7% until Jan. 15, 2027, then floats at SOFR plus a margin
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| Price: | Par of $25.00
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| Call: | After five years
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| Pricing date: | Nov. 22
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| Settlement date: | Nov. 30
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| Listing: | NYSE: GPMTPrA
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