OAKLAND, CA—Starwood Waypoint Residential Trust has begun a private offering of $150 million aggregate principal amount of convertible senior notes due 2019. The firm plans to grant the initial purchasers a 30-day option to purchase up to an additional $22.5 million aggregate principal amount of notes.
Starwood Waypoint intends to use the net proceeds from this offering to acquire additional homes and distressed and non-performing residential mortgage loans, to repurchase its common shares and for general business purposes.
The convertible senior notes will be unsecured, are expected to pay interest semiannually and will be convertible under specified circumstances and during certain periods based on a conversion rate to be determined. Upon conversion, the REIT will pay or deliver cash, common shares of the Ry or a combination of cash and common shares of the company, its election.
The notes will mature on July 1, 2019, unless repurchased or converted. The interest rate, conversion rate and other financial terms will be determined by negotiations between the company and the initial purchasers.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more information visit Asset & Logo Licensing.
