NEW YORK–(BUSINESS WIRE)–Granite
Point Mortgage Trust Inc. (NYSE: GPMT) (the “Company”) announced
today the pricing of GPMT 2019-FL2, an approximately $825.0 million
managed Commercial Real Estate Collateralized Loan Obligation (“CRE
CLO”), in a private offering to qualified institutional buyers pursuant
to Rule 144A under the Securities Act of 1933, as amended, the
Securities Act. The Company placed approximately $653.8 million of
investment grade securities with institutional investors, providing the
Company with match-term financing on a non-mark-to-market and
non-recourse basis. The CRE CLO features a two-year reinvestment period,
an initial advance rate of 79.25% and a weighted average interest rate
at issuance of LIBOR + 1.64%, before amortized transaction costs. The
transaction is expected to close on or around February 28, 2019, subject
to customary closing conditions.
The Company’s first CRE CLO, issued in May 2018, financed approximately
$826 million of its loan investments. Upon the closing of GPMT 2019-FL2,
the two CRE CLOs, combined, will provide the Company with matched-term
financing on approximately half of its loan investment portfolio.
This press release shall not constitute an offer to sell, or a
solicitation of an offer to buy, these or any other securities, nor
shall there be any sale of the Company’s securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction.
About Granite Point Mortgage Trust Inc.
Granite Point Mortgage Trust Inc., a Maryland corporation, is a real
estate investment trust focused on directly originating, investing in
and managing senior floating rate commercial mortgage loans and other
debt and debt-like commercial real estate investments. Granite Point is
headquartered in New York, NY, and is externally managed by Pine River
Capital Management L.P.
Cautionary Notice Regarding Forward-Looking Statements
This release may include statements and information that constitute
“forward-looking statements” within the meaning of section 27A of the
Securities Act and section 21E of the Securities Exchange Act of 1934,
as amended, and we intend such forward-looking statements to be covered
by the safe harbor provisions therein and are included in this statement
for purposes of invoking these safe harbor provisions. Forward-looking
statements include statements with respect to our beliefs, plans,
objectives, goals, targets, expectations, anticipations, assumptions,
estimates, intentions and future performance. The forward-looking
statements made in this release include, but may not be limited to,
expectations regarding the use of proceeds from the offering.
Forward-looking statements are not guarantees, and they involve risks,
uncertainties and assumptions. There can be no assurance that actual
results will not differ materially from our expectations. We caution
investors not to rely unduly on any forward-looking statements and urge
you to carefully consider the risks identified under the captions “Risk
Factors,” “Forward-Looking Statements” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” in our public
filings with the SEC, which are available on the SEC’s website at www.sec.gov.
All written or oral forward-looking statements that we make, or that are
attributable to us, are expressly qualified by this cautionary notice.
Except to the extent required by applicable laws and regulations, we
undertake no obligations to update these forward-looking statements to
reflect events or circumstances after the date of this release or to
reflect the occurrence of unanticipated events.
Stockholders of Granite Point and other interested persons may find
additional information regarding the company at the Securities and
Exchange Commission’s Internet site at www.sec.gov
or by directing requests to: Granite Point Mortgage Trust Inc., 590
Madison Avenue, 38th floor, New York, NY 10022, telephone
Investors: Marcin Urbaszek, Chief Financial Officer, Granite Point
Mortgage Trust Inc., (212) 364-3200, [email protected].