Starwood Property Trust Prices $496.1 Mln Stock Offering

(RTTNews) - Starwood Property Trust, Inc. (STWD) said Tuesday that it priced an underwritten public offering of 22 million shares of its common stock for total estimated gross proceeds of about $496.1 million, or about $570.5 million if the option to purchase additional shares is exercised in full.

The underwriters have a 30-day option to purchase up to an additional 3.3 million shares from the company.

Settlement of the offering is expected to occur on April 11.

The company plans to use the net proceeds received from the offering to originate and purchase additional commercial mortgage loans and other target assets and investments. The company may also use a portion of the net proceeds for other general corporate purposes, including, but not limited to, the payment of liabilities and other working capital needs.