Safehold closes $225M private placement of 6.615% senior unsecured notes due 2056 with stair-step cash coupon

Safehold Inc.

Issued $225M aggregate principal of senior unsecured notes due August 1, 2056; all-in coupon 6.615%.
Stair-step cash interest: starts at 4.00%, increases to 4.50% in year 5, eventually to 6.615% in year 21; accrued PIK portion.
Company terminated hedges, realized ~$30M cash settlement gain; effective semi-annual yield to maturity ~5.83%.
Uses: repaying secured revolver borrowings, additional ground lease investments, working capital, funding commitments.

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