NEW YORK, April 23, 2018 /PRNewswire/ -- Sutherland
Asset Management Corporation (NYSE: SLD) ("Sutherland" or the
"Company") today announced that it is commencing an underwritten
public offering of $50 million
aggregate principal amount of senior notes due 2021. The Company
also plans to grant to the underwriters a 30-day option to purchase
up to an additional $7.5 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 and other terms of the notes will be determined
at the time of pricing the offering. Sandler O'Neill + Partners,
L.P. is serving as book-running manager and American Capital
Partners, LLC, Boenning & Scattergood, Inc., Incapital, R.
Seelaus & Co., Inc. and Wedbush Securities are serving as
co-managers for the offering.
The Company intends to apply to list the notes on the New York
Stock Exchange under the symbol "SLDD."
A registration statement relating to these notes was declared
effective by the Securities and Exchange Commission (the "SEC") on
July 27, 2017. 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:
Sandler O'Neill + Partners, L.P., 1251 Avenue of the Americas,
6th Floor, New York, New
York 10020, Attention: Syndicate Operations (telephone: 1
(866) 805-4128, email: syndicate@sandleroneill.com).
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 primarily
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.
Forward-Looking Statements
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, 2017 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.
Contacts:
Sutherland Asset Management
Corporation
Thomas E. Capasse
Chief Executive Officer
or
Frederick C. Herbst
Chief Financial Officer
RHerbst@waterfallam.com
212-257-4666
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SOURCE Sutherland Asset Management Corporation
