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SOURCE Starwood Property Trust
GREENWICH, Conn., Feb. 19, 2014 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced that the conversion rate applicable to its outstanding 4.55% Convertible Senior Notes due 2018 has been adjusted to 44.1753 from 35.5391 and the conversion rate applicable to its outstanding 4.00% Convertible Senior Notes due 2019 has been adjusted to 47.1092 from 37.9896, in each case effective February 3, 2014 and subject to further adjustment as provided in the applicable governing indenture. The adjustments have been made pursuant to the terms of the notes as a result of Starwood Property Trust's spin-off of Starwood Waypoint Property Trust, and the adjustment applicable to the 4.55% Convertible Senior Notes due 2018 also reflects Starwood Property Trust's recognition of deferred adjustments relating to cash dividends paid since the second quarter of 2013, which adjustments were carried forward as permitted under the applicable indenture.
About Starwood Property Trust
Starwood Property Trust is focused on originating, investing in, financing and managing commercial mortgage loans and other commercial real estate debt investments, commercial mortgage-backed securities ("CMBS"), and other commercial real estate-related debt investments. Starwood Property Trust, through its 2013 acquisition of LNR Property LLC ("LNR"), now also operates as special servicer in the United States and a primary and special servicer in Europe and has expanded its product offering to include fixed rate conduit loans. Starwood Property Trust also invests in residential mortgage-backed securities ("RMBS") and residential real estate owned, and may invest in non-performing loans, commercial properties subject to net leases and residential mortgage loans. Starwood Property Trust is externally managed and advised by SPT Management, LLC, an affiliate of Starwood Capital Group, and has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes.
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