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Redwood Trust, Inc. (NYSE:RWT, "Redwood" or the "Company"))) today announced that it has priced the offering of $50 million aggregate principal amount of its 7.75% convertible senior notes due 2027 (the "Notes") to certain investors in a direct placement registered under the Securities Act of 1933, as amended. The Notes will be issued as a reopening of, and will be part of the same series as, the 7.75% convertible senior notes due 2027 that the Company originally issued in June 2022 (the "Initial Notes") and the 7.75% convertible senior notes due 2027 that the Company issued in October 2024 (the "Initial Additional Notes" and, together with the Initial Notes, the "Existing Notes"). Currently, $247,170,000 aggregate principal amount of Existing Notes are outstanding. The issuance and sale are expected to close on August 25, 2025, subject to the satisfaction of certain closing conditions.
Redwood estimates that the net proceeds it will receive from the offering will be approximately $49.2 million, after deducting estimated offering expenses payable by Redwood. Redwood intends to use the net proceeds from the offering for general corporate purposes, which may include (i) funding of Redwood's operating business and investment activity, which may include funding its residential and business purpose lending mortgage banking businesses, acquiring mortgage-backed securities for its investment portfolio, and funding strategic acquisitions and investments and/or (ii) the repayment of existing indebtedness, which may include the repurchase or repayment of a portion of the 5.75% exchangeable senior notes due 2025 issued by one of Redwood's subsidiaries.
Posted In: RWT
