NEW
YORK, Oct. 6, 2022 /PRNewswire/ -- As previously
disclosed, on October 1, 2022, Terra
Property Trust, Inc. (the "Company") completed the previously
announced merger (the "Merger") with Terra Income Fund 6, Inc.
("TIF6"). The Company's executive officers will remain in their
current roles. The combined company will continue to operate under
the name Terra Property Trust, Inc. and will remain headquartered
in New York, New York. Terra REIT
Advisors, LLC will continue to manage the combined company. The
Company believes that the Merger will position the Company to
benefit from enhanced diversification across geographic markets and
asset types and that the enhanced size, scale and financials of the
Company will likely improve access to capital markets and reduce
the cost of capital, which can be used to support strategic
investments that drive growth opportunities, and may increase
opportunities for stockholder liquidity.
The Company today announced that it intends to repurchase
certain of its 6.00% Notes due 2026 listed on the New York Stock
Exchange ("NYSE") under the trading symbol TPTA, and intends to
cause Terra Income Fund 6, LLC, a wholly owned subsidiary of the
Company, to repurchase certain of
its 7.00% Notes due 2026 listed on the NYSE under
the trading symbol TFSA ("TFSA Notes"). As previously disclosed,
Terra Income Fund 6, LLC is the successor obligor to the TFSA Notes
originally issued by TIF6. The timing and amount of any repurchase
transactions will be determined by the Company's management based
on its evaluation of market conditions, note prices, legal
requirements and other factors, and may be made from time to time
on the open market, in privately negotiated transactions or
otherwise, in each case subject to compliance with all Securities
and Exchange Commission ("SEC") rules and other legal
requirements.
Safe Harbor Statement
This press release contains statements that constitute
"forward-looking statements," as such term is defined in Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, and such
statements are intended to be covered by the safe harbor provided
by the same. These statements are based on management's current
expectations and beliefs and are subject to a number of trends and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements; the Company
can give no assurance that its expectations will be attained.
Factors that could cause actual results to differ materially from
the Company's expectations include, but are not limited to,
applicable regulatory changes; general volatility of the capital
markets; changes in the Company's investment objectives and
business strategy; the availability of financing on acceptable
terms or at all; the availability, terms and deployment of capital;
the availability of suitable investment opportunities; changes in
the interest rates or the general economy; increased rates of
default and/or decreased recovery rates on investments; changes in
interest rates, interest rate spreads, the yield curve or
prepayment rates; changes in prepayments of Company's assets; the
degree and nature of competition, including competition for the
Company's target assets; and other factors, including those set
forth in the Risk Factors section of the Company's most recent
Annual Report on Form 10-K filed with the SEC, and other reports
filed by the Company with the SEC, copies of which are available on
the SEC's website, www.sec.gov. The Company undertakes no
obligation to update these statements for revisions or changes
after the date of this release, except as required by law.
About Terra Property Trust, Inc.
Terra Property Trust, Inc. is an externally managed, real estate
credit focused company that originates, structures, funds and
manages commercial real estate credit investments, including
mezzanine loans, first mortgage loans, subordinated mortgage loans
and preferred equity investments throughout the United States. The Company's objective is
to continue to provide attractive risk-adjusted returns to its
stockholders, primarily through regular distributions. The Company
has elected to be taxed as a real estate investment trust for U.S.
federal income tax purposes commencing with its taxable year ended
December 31, 2016. The Company is
externally advised by Terra REIT Advisors, LLC, an affiliate of
Terra Capital Partners, LLC.
Media Contacts
Terra Property Trust, Inc.
Jonathan Keehner / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
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SOURCE Terra Property Trust, Inc.