NEW YORK, Aug. 3, 2017 /PRNewswire/ -- Sutherland Asset Management Corporation (NYSE: SLD) ("Sutherland" or the "Company") today announced that it is commencing an underwritten public offering of $100 million aggregate principal amount of convertible senior notes due 2023. The Company also plans to grant to the underwriters a 30‑day option to purchase up to an additional $15 million aggregate principal amount of the notes at the public offering price, less the underwriting discount. The Company intends to use the net proceeds from this offering to originate or acquire additional mortgage loans and mortgage-related assets consistent with its investment strategy and for general corporate purposes. The interest rate, conversion rate and other terms of the notes will be determined at the time of pricing the offering.
Keefe, Bruyette & Woods, Inc. and JMP Securities LLC are serving as joint book-running managers and Compass Point Research & Trading, LLC as a co-manager for the public offering.
A registration statement relating to these notes has been declared effective by the Securities and Exchange Commission (the "SEC"). The offering will be made only by means of a preliminary prospectus supplement and accompanying prospectus, which have been filed with the SEC. A copy of the prospectus supplement and accompanying prospectus may be obtained free of charge at the SEC's website at www.sec.gov or from the underwriters by contacting: Keefe, Bruyette & Woods, Inc., 787 Seventh Avenue, Fourth Floor, New York, NY 10019 (telephone: 800‑966-1559) or email: USCapitalMarkets@kbw.com or JMP Securities LLC, 600 Montgomery Street, Suite 1100, San Francisco, CA 94111, Attention: Syndicate Department, or by calling (415) 835-3959.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the Company's securities, nor shall there be any sale of the Company's securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
About Sutherland Asset Management Corporation
Sutherland Asset Management Corporation (NYSE: SLD) is a REIT that originates, acquires, finances, services and manages small balance commercial ("SBC") loans, U.S. Small Business Administration loans under its Section 7(a) program, and residential mortgage loans. The Company originates SBC loans through its ReadyCap Lending subsidiaries and originates residential mortgage loans through its GMFS subsidiary. The Company is externally managed and advised by Waterfall Asset Management, LLC.
This press release contains certain forward-looking statements. Words such as "believes," "intends," "expects," "projects," "anticipates," and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions, many of which are beyond the control of the Company, including, without limitation, the risk factors and other matters set forth in the prospectus supplement and the accompanying prospectus and the Company's Annual Report on Form 10‑K for the year ended December 31, 2016 filed with the SEC and in its other filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
Sutherland Asset Management Corporation
Thomas E. Capasse
Chief Executive Officer
Frederick C. Herbst
Chief Financial Officer
SOURCE Sutherland Asset Management Corporation