Safehold Boosts Capital with $225M Private Debt Placement Due 2056
SAFE sits 23% above its 52-week low of $12.76.
Summary
Safehold's operating company closed a $225 million private placement of structured senior unsecured notes, extending its debt maturity profile to 2056. The notes carry an effective yield of approximately 5.83% after accounting for a $30 million gain from terminated hedges. This substantial capital infusion, representing about 20% of the company's market cap, provides funds for general corporate purposes, including new ground lease investments. This financing follows the recent joint venture with Brookfield, further bolstering the company's liquidity and investment capacity.
At the time of this announcement, SAFE was trading at $15.69 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $1.1B. The 52-week trading range was $12.76 to $17.16. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: PR Newswire.