[FWP] LADDER CAPITAL CORP Free Writing Prospectus
Ladder Capital Finance Holdings LLLP and Ladder Capital Finance Corporation priced $500 million of 5.500% senior notes due 2030, fully and unconditionally guaranteed by Ladder Capital Corp. The notes were issued at 99.858% of par to yield 5.531%, a T+167 bp spread to the 4.000% U.S. Treasury due May 31 2030. Interest will be paid semi-annually on February 1 and August 1, starting February 1 2026. Settlement is expected on July 3 2025 (T+7). Holders may be redeemed at a make-whole call (Treasury +30 bp) before July 1 2030 and at par thereafter. Expected ratings are Baa3 / BBB- / BB. Minimum denomination is $2,000 and integral multiples of $1,000. The joint book-running group is led by J.P. Morgan, Wells Fargo, BofA Securities and others.
Ladder Capital Finance Holdings LLLP e Ladder Capital Finance Corporation hanno emesso 500 milioni di dollari di obbligazioni senior al 5,500% con scadenza nel 2030, garantite in modo pieno e incondizionato da Ladder Capital Corp. Le obbligazioni sono state emesse al 99,858% del valore nominale con un rendimento del 5,531%, corrispondente a uno spread di T+167 punti base rispetto al titolo di Stato USA al 4,000% con scadenza il 31 maggio 2030. Gli interessi saranno pagati semestralmente il 1掳 febbraio e il 1掳 agosto, a partire dal 1掳 febbraio 2026. Il regolamento 猫 previsto per il 3 luglio 2025 (T+7). I titoli possono essere rimborsati anticipatamente con una call make-whole (Treasury +30 punti base) prima del 1掳 luglio 2030 e al valore nominale successivamente. Le valutazioni attese sono Baa3 / BBB- / BB. La denominazione minima 猫 di 2.000 dollari con multipli integrali di 1.000 dollari. Il gruppo di bookrunner congiunto 猫 guidato da J.P. Morgan, Wells Fargo, BofA Securities e altri.
Ladder Capital Finance Holdings LLLP y Ladder Capital Finance Corporation colocaron 500 millones de d贸lares en notas senior al 5,500% con vencimiento en 2030, totalmente e incondicionalmente garantizadas por Ladder Capital Corp. Las notas se emitieron al 99,858% del valor nominal con un rendimiento del 5,531%, un diferencial de T+167 puntos b谩sicos sobre el bono del Tesoro de EE.UU. al 4,000% con vencimiento el 31 de mayo de 2030. Los intereses se pagar谩n semestralmente el 1 de febrero y el 1 de agosto, comenzando el 1 de febrero de 2026. La liquidaci贸n se espera para el 3 de julio de 2025 (T+7). Los tenedores pueden ser redimidos mediante una llamada make-whole (Tesoro +30 puntos b谩sicos) antes del 1 de julio de 2030 y al valor nominal despu茅s de esa fecha. Las calificaciones esperadas son Baa3 / BBB- / BB. La denominaci贸n m铆nima es de 2.000 d贸lares y m煤ltiplos enteros de 1.000 d贸lares. El grupo conjunto de colocadores est谩 liderado por J.P. Morgan, Wells Fargo, BofA Securities y otros.
Ladder Capital Finance Holdings LLLP鞕� Ladder Capital Finance Corporation鞚� Ladder Capital Corp.臧� 鞝勳暋 氍挫“瓯� 氤挫頃橂姅 5.500% 靹犾垳鞙� 毂勱秾 5鞏� 雼煬毳� 氚滍枆頄堨姷雼堧嫟. 毂勱秾鞚� 鞎‰┐臧�鞚� 99.858%鞐� 氚滍枆霅橃棃鞙茧┌, 靾橃澋毳犾潃 5.531%搿� 2030雲� 5鞗� 31鞚� 毵岅赴 4.000% 氙戈淡 甑眲 雽�牍� T+167bp 鞀ろ攧霠堧摐鞛呺媹雼�. 鞚挫瀽電� 2026雲� 2鞗� 1鞚茧秬韯� 鞁滌瀾頃橃棳 毵る厔 2鞗� 1鞚缄臣 8鞗� 1鞚检棎 氚橁赴氤勲 歆�旮夒惄雼堧嫟. 瓴办牅 鞓堨爼鞚检潃 2025雲� 7鞗� 3鞚�(T+7)鞛呺媹雼�. 氤挫湢鞛愲姅 2030雲� 7鞗� 1鞚� 鞚挫爠鞐� 氅旍澊韥檧 旖�(甑眲 +30bp)搿� 靸來櫂霅� 靾� 鞛堨溂氅�, 鞚错泟鞐愲姅 鞎‰┐臧�搿� 靸來櫂霅╇媹雼�. 鞓堨儊 鞁犾毄霌标笁鞚� Baa3 / BBB- / BB鞛呺媹雼�. 斓滌唽 雼渼電� 2,000雼煬鞚措┌ 1,000雼煬 雼渼搿� 於旉皜 毵れ垬臧� 臧�電ロ暕雼堧嫟. 瓿惦彊 欤缄磤靷姅 J.P. Morgan, Wells Fargo, BofA Securities 霌膘瀰雼堧嫟.
Ladder Capital Finance Holdings LLLP et Ladder Capital Finance Corporation ont 茅mis 500 millions de dollars de notes senior 脿 5,500% 茅ch茅ant en 2030, enti猫rement et inconditionnellement garanties par Ladder Capital Corp. Les notes ont 茅t茅 茅mises 脿 99,858% de leur valeur nominale avec un rendement de 5,531%, soit un 茅cart de T+167 points de base par rapport au Tr茅sor am茅ricain 脿 4,000% 茅ch茅ant le 31 mai 2030. Les int茅r锚ts seront pay茅s semestriellement les 1er f茅vrier et 1er ao没t, 脿 partir du 1er f茅vrier 2026. Le r猫glement est attendu pour le 3 juillet 2025 (T+7). Les d茅tenteurs peuvent 锚tre rembours茅s par un call make-whole (Tr茅sor +30 points de base) avant le 1er juillet 2030, puis au pair ensuite. Les notations attendues sont Baa3 / BBB- / BB. La valeur nominale minimale est de 2 000 dollars, avec des multiples entiers de 1 000 dollars. Le groupe de chefs de file est compos茅 de J.P. Morgan, Wells Fargo, BofA Securities et d'autres.
Ladder Capital Finance Holdings LLLP und Ladder Capital Finance Corporation haben 500 Millionen US-Dollar an 5,500% vorrangigen Schuldverschreibungen mit F盲lligkeit 2030 begeben, die von Ladder Capital Corp. uneingeschr盲nkt garantiert werden. Die Anleihen wurden zu 99,858% des Nennwerts mit einer Rendite von 5,531% begeben, was einem Spread von T+167 Basispunkten gegen眉ber der 4,000% US-Staatsanleihe mit F盲lligkeit 31. Mai 2030 entspricht. Die Zinsen werden halbj盲hrlich am 1. Februar und 1. August gezahlt, beginnend am 1. Februar 2026. Die Abwicklung erfolgt voraussichtlich am 3. Juli 2025 (T+7). Die Inhaber k枚nnen vor dem 1. Juli 2030 zu einem Make-Whole Call (Treasury +30 Basispunkte) zur眉ckgerufen werden, danach zum Nennwert. Die erwarteten Ratings sind Baa3 / BBB- / BB. Die Mindestst眉ckelung betr盲gt 2.000 US-Dollar mit Vielfachen von 1.000 US-Dollar. Die gemeinsame Bookrunner-Gruppe wird von J.P. Morgan, Wells Fargo, BofA Securities und anderen angef眉hrt.
- Successful capital raise: Company placed $500 million in notes at a competitive T+167 bp spread, evidencing market access.
- Investment-grade ratings: Expected Baa3/BBB- keep the issuer at the lower end of investment grade, supporting broader investor demand.
- Higher leverage: Issuance increases total debt by $500 million, adding a fixed 5.5% interest burden through 2030.
- Call structure limits upside: One-month par-call before maturity caps potential price appreciation for investors.
Insights
TL;DR: Neutral pricing鈥�$500 m at 5.5%, T+167 bp, investment-grade floor; improves liquidity but adds leverage.
The issue priced only 16 bps inside the BBB- industrial curve, indicating solid but not extraordinary demand. A 99.858% offer price modestly boosts the effective yield to 5.531%. The T+30 bp make-whole and one-month par-call are standard, giving the issuer modest flexibility. Expected Baa3/BBB- ratings keep the bonds on the cusp of investment-grade, likely supporting crossover interest. Overall, the transaction secures long-dated funding at a fixed rate slightly below current high-grade averages, but it increases gross debt by $500 million, keeping the net impact broadly neutral.
TL;DR: Issue offers mid-BBB yield pickup; suitable for carry seekers, limited upside due to par-call near maturity.
At T+167 bp, the notes provide ~70 bp spread premium to A-REIT debt of similar tenor, compensating for Ladder鈥檚 commercial real-estate exposure. The one-month par-call curtails price appreciation if rates fall, while the $2,000 minimum aids retail participation. Settlement on a T+7 basis may require back-office adjustments for active traders. Given stable ratings outlooks and conventional covenants, the bonds appear as a straightforward carry trade rather than a catalyst-driven opportunity.
Ladder Capital Finance Holdings LLLP e Ladder Capital Finance Corporation hanno emesso 500 milioni di dollari di obbligazioni senior al 5,500% con scadenza nel 2030, garantite in modo pieno e incondizionato da Ladder Capital Corp. Le obbligazioni sono state emesse al 99,858% del valore nominale con un rendimento del 5,531%, corrispondente a uno spread di T+167 punti base rispetto al titolo di Stato USA al 4,000% con scadenza il 31 maggio 2030. Gli interessi saranno pagati semestralmente il 1掳 febbraio e il 1掳 agosto, a partire dal 1掳 febbraio 2026. Il regolamento 猫 previsto per il 3 luglio 2025 (T+7). I titoli possono essere rimborsati anticipatamente con una call make-whole (Treasury +30 punti base) prima del 1掳 luglio 2030 e al valore nominale successivamente. Le valutazioni attese sono Baa3 / BBB- / BB. La denominazione minima 猫 di 2.000 dollari con multipli integrali di 1.000 dollari. Il gruppo di bookrunner congiunto 猫 guidato da J.P. Morgan, Wells Fargo, BofA Securities e altri.
Ladder Capital Finance Holdings LLLP y Ladder Capital Finance Corporation colocaron 500 millones de d贸lares en notas senior al 5,500% con vencimiento en 2030, totalmente e incondicionalmente garantizadas por Ladder Capital Corp. Las notas se emitieron al 99,858% del valor nominal con un rendimiento del 5,531%, un diferencial de T+167 puntos b谩sicos sobre el bono del Tesoro de EE.UU. al 4,000% con vencimiento el 31 de mayo de 2030. Los intereses se pagar谩n semestralmente el 1 de febrero y el 1 de agosto, comenzando el 1 de febrero de 2026. La liquidaci贸n se espera para el 3 de julio de 2025 (T+7). Los tenedores pueden ser redimidos mediante una llamada make-whole (Tesoro +30 puntos b谩sicos) antes del 1 de julio de 2030 y al valor nominal despu茅s de esa fecha. Las calificaciones esperadas son Baa3 / BBB- / BB. La denominaci贸n m铆nima es de 2.000 d贸lares y m煤ltiplos enteros de 1.000 d贸lares. El grupo conjunto de colocadores est谩 liderado por J.P. Morgan, Wells Fargo, BofA Securities y otros.
Ladder Capital Finance Holdings LLLP鞕� Ladder Capital Finance Corporation鞚� Ladder Capital Corp.臧� 鞝勳暋 氍挫“瓯� 氤挫頃橂姅 5.500% 靹犾垳鞙� 毂勱秾 5鞏� 雼煬毳� 氚滍枆頄堨姷雼堧嫟. 毂勱秾鞚� 鞎‰┐臧�鞚� 99.858%鞐� 氚滍枆霅橃棃鞙茧┌, 靾橃澋毳犾潃 5.531%搿� 2030雲� 5鞗� 31鞚� 毵岅赴 4.000% 氙戈淡 甑眲 雽�牍� T+167bp 鞀ろ攧霠堧摐鞛呺媹雼�. 鞚挫瀽電� 2026雲� 2鞗� 1鞚茧秬韯� 鞁滌瀾頃橃棳 毵る厔 2鞗� 1鞚缄臣 8鞗� 1鞚检棎 氚橁赴氤勲 歆�旮夒惄雼堧嫟. 瓴办牅 鞓堨爼鞚检潃 2025雲� 7鞗� 3鞚�(T+7)鞛呺媹雼�. 氤挫湢鞛愲姅 2030雲� 7鞗� 1鞚� 鞚挫爠鞐� 氅旍澊韥檧 旖�(甑眲 +30bp)搿� 靸來櫂霅� 靾� 鞛堨溂氅�, 鞚错泟鞐愲姅 鞎‰┐臧�搿� 靸來櫂霅╇媹雼�. 鞓堨儊 鞁犾毄霌标笁鞚� Baa3 / BBB- / BB鞛呺媹雼�. 斓滌唽 雼渼電� 2,000雼煬鞚措┌ 1,000雼煬 雼渼搿� 於旉皜 毵れ垬臧� 臧�電ロ暕雼堧嫟. 瓿惦彊 欤缄磤靷姅 J.P. Morgan, Wells Fargo, BofA Securities 霌膘瀰雼堧嫟.
Ladder Capital Finance Holdings LLLP et Ladder Capital Finance Corporation ont 茅mis 500 millions de dollars de notes senior 脿 5,500% 茅ch茅ant en 2030, enti猫rement et inconditionnellement garanties par Ladder Capital Corp. Les notes ont 茅t茅 茅mises 脿 99,858% de leur valeur nominale avec un rendement de 5,531%, soit un 茅cart de T+167 points de base par rapport au Tr茅sor am茅ricain 脿 4,000% 茅ch茅ant le 31 mai 2030. Les int茅r锚ts seront pay茅s semestriellement les 1er f茅vrier et 1er ao没t, 脿 partir du 1er f茅vrier 2026. Le r猫glement est attendu pour le 3 juillet 2025 (T+7). Les d茅tenteurs peuvent 锚tre rembours茅s par un call make-whole (Tr茅sor +30 points de base) avant le 1er juillet 2030, puis au pair ensuite. Les notations attendues sont Baa3 / BBB- / BB. La valeur nominale minimale est de 2 000 dollars, avec des multiples entiers de 1 000 dollars. Le groupe de chefs de file est compos茅 de J.P. Morgan, Wells Fargo, BofA Securities et d'autres.
Ladder Capital Finance Holdings LLLP und Ladder Capital Finance Corporation haben 500 Millionen US-Dollar an 5,500% vorrangigen Schuldverschreibungen mit F盲lligkeit 2030 begeben, die von Ladder Capital Corp. uneingeschr盲nkt garantiert werden. Die Anleihen wurden zu 99,858% des Nennwerts mit einer Rendite von 5,531% begeben, was einem Spread von T+167 Basispunkten gegen眉ber der 4,000% US-Staatsanleihe mit F盲lligkeit 31. Mai 2030 entspricht. Die Zinsen werden halbj盲hrlich am 1. Februar und 1. August gezahlt, beginnend am 1. Februar 2026. Die Abwicklung erfolgt voraussichtlich am 3. Juli 2025 (T+7). Die Inhaber k枚nnen vor dem 1. Juli 2030 zu einem Make-Whole Call (Treasury +30 Basispunkte) zur眉ckgerufen werden, danach zum Nennwert. Die erwarteten Ratings sind Baa3 / BBB- / BB. Die Mindestst眉ckelung betr盲gt 2.000 US-Dollar mit Vielfachen von 1.000 US-Dollar. Die gemeinsame Bookrunner-Gruppe wird von J.P. Morgan, Wells Fargo, BofA Securities und anderen angef眉hrt.
FAQ
What size is Ladder Capital's (LADR) new senior note offering?
What coupon and yield are attached to the 2030 notes?
When do the notes mature and settle?
What are the expected credit ratings for the issue?
What are the optional redemption terms?
