NEW YORK, June 07, 2018 (GLOBE NEWSWIRE) -- Exantas Capital Corp. (NYSE:XAN) announced that its newly formed subsidiary, Exantas Capital Corp. 2018-RSO6, Ltd., will issue $404.9 million of non-recourse, floating-rate notes at a weighted average cost of LIBOR+112 basis points. The Offered Notes include: $290.5 million of Class A Notes, which were rated Aaa by Moody’s Investors Service, Inc. and AAA by Fitch Ratings Inc. and Kroll Bond Rating Agency, Inc. and will be issued at a coupon of LIBOR+83 basis points; $39.2 million of Class B Notes, which were rated AA- by KBRA and will be issued at a coupon of LIBOR+115 basis points; $30.2 million of Class C Notes, which were rated A- by KBRA and will be issued at a coupon of LIBOR+185 basis points; and $45.0 million of Class D Notes, which were rated BBB- by KBRA and will be issued at a coupon of LIBOR+250 basis points. The Offered Notes are collateralized by floating rate commercial real estate first mortgage loans originated by the Company with an aggregate principal balance of $514.2 million. The Company will retain the Class E and Class F subordinated notes and the preferred shares in the transaction, which is expected to close on or about June 26, 2018, subject to satisfaction of customary closing conditions.
Robert C. Lieber, Chief Executive Officer of the Company, stated, “We are very pleased to have executed the Company’s largest CRE CLO issuance. This transaction is more than 35% larger than its CLO issuance completed last June, which was the Company’s largest post-crisis issuance at the time.”
Matthew J. Stern, President of the Company, added, “The transaction demonstrates strong reception in the debt markets for the Company’s CLO offerings with significant demand and corresponding favorable pricing.”
About Exantas Capital Corp.
Exantas Capital Corp. is a real estate investment trust that is primarily focused on originating, holding and managing commercial mortgage loans and other commercial real estate-related debt investments. The Company is externally managed by Exantas Capital Manager Inc. (formerly known as Resource Capital Manager, Inc.), which is an indirect wholly-owned subsidiary of C-III Capital Partners LLC, a leading commercial real estate investment management and services company engaged in a broad range of activities.
