Exantas Capital Corp. (NYSE: XAN) announced that its newly formed subsidiaries, Exantas Capital Corp. 2020-RSO9, Ltd. and Exantas Capital Corp. 2020-RSO9, LLC, will issue $245.8 million of non-recourse, floating-rate notes at a weighted average cost of the one-month London Interbank Offered Rate +313 basis points.
Mark Fogel, President and CEO of the Company, stated, "We believe that the successful issuance of these notes is a positive indicator of a market that is starting to stabilize, and our ability as a CLO manager to garner investor interest. We are pleased to again have this source of financing to position us for loan originations at the appropriate time."
The Offered Notes include:
- $158.9 million of Class A Notes, which were rated Aaa(sf) by Moody's Investors Service, Inc., and AAA(sf) by DBRS, Inc.("DBRS Morningstar") and will be issued at a coupon of LIBOR+250 basis points;
- $26.7 million of Class A-S Notes, which were rated AAA(sf) by DBRS Morningstar and will be issued at a coupon of LIBOR+350 basis points;
- $16.7 million of Class B Notes, which were rated AA(low)(sf) by DBRS Morningstar and will be issued at a coupon of LIBOR+390 basis points;
- $20.8 million of Class C Notes, which were rated A(low)(sf) by DBRS Morningstar and will be issued at a coupon of LIBOR+425 basis points; and
- $22.7 million of Class D Notes, which were rated BBB(low)(sf) by DBRS Morningstar and will be issued at a coupon of LIBOR+500 basis points.
About Exantas Capital Corp.
Exantas Capital Corp. is a real estate investment trust that is primarily focused on originating, holding and managing commercial real estate mortgage loans and other commercial real estate-related debt investments. The Company is externally managed by ACRES Capital, LLC, a subsidiary of ACRES Capital Corp., a leading commercial real estate investment management and services company engaged in a broad range of activities. For more information, please visit the Company's website at www.exantas.com or contact investor relations at IR@exantas.com.
