Velocity Financial, Inc. (VEL): debt financing — Velocity Financial issues $75M 9.875% senior secured notes due 2029

Velocity Financial, Inc.

Issued $75M principal of 9.875% Senior Secured Notes due Feb 15, 2029, through subsidiary Velocity Commercial Capital.
Notes secured pari passu with existing $215M 7.125% notes due 2027; intercreditor agreement executed.
Interest payable semi-annually starting May 15, 2024; proceeds for new investments and general corporate purposes.
Piper Sandler acted as placement agent; CFO says capital accretive to earnings and supports $5B portfolio by 2025 goal.
Notes sold in private placement exempt from registration; not registered under Securities Act.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Velocity Financial, Inc. incurred senior notes of $75,000,000 with U.S. Bank Trust Company, National Association at 9.875% maturing February 15, 2029.

Instrument: senior notes
Principal: $75,000,000
Counterparty: U.S. Bank Trust Company, National Association
Rate: 9.875%
Maturity: February 15, 2029
Event: incurrence

Exact text from the filing

On February 5, 2024, we entered into note purchase agreements (collectively, the “2029 Note Purchase Agreement”) for the issuance of an aggregate $75,000,000 principal amount of 9.875% Senior Secured Notes due 2029 (the “2029 Notes”).

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Velocity Financial, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-24-024836

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