Ladder Capital issues $500M 7.000% senior notes due 2031 to repay secured debt

Ladder Capital Corp

Issued $500M of 7.000% senior notes, maturity July 15, 2031.
Interest payable semi-annually Jan 15 and Jul 15, beginning Jan 15, 2025.
Proceeds to repay existing secured indebtedness and for general corporate purposes.
Covenant: maintain Total Unencumbered Assets at least 120% of outstanding unsecured debt.
Change of control triggers 101% repurchase offer plus accrued interest.

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