By Rebecca Melvin
Concord, N.H., March 16 – Velocity Financial Inc. subsidiary Velocity Commercial Capital LLC sold $215 million of 7.125% five-year senior secured notes in a private placement, according to a company news release Wednesday.
Velocity will pay off its existing term loan facility with proceeds of the notes. Remaining proceeds will be for general corporate purposes and other working capital purposes, including to originate new loan investments.
Piper Sandler & Co. acted as placement agent.
The real estate finance company is based in Westlake Village, Calif.
Issuer: | Velocity Commercial Capital LLC
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Guarantor: | Velocity Financial Inc.
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Amount: | $215 million
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Issue: | Senior secured notes
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Maturity: | March 15, 2027
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Placement agent: | Piper Sandler & Co.
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Coupon: | 7.125%
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Call: | From March 15, 2025 to but excluding March 15, 2026 at 103.5625; thereafter at par
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Change-of-control put: | At par
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Settlement date: | March 15
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Distribution: | Private placement
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