Colony Northstar Credit Real Estate Inc. is listing on the NYSE, with trading of its class A common stock set to commence Feb. 1.
The company was formed through a combination of a select debt and credit real estate portfolio of Colony NorthStar Inc. with substantially all of the assets and liabilities of NorthStar Real Estate Income Trust Inc., or NorthStar I, and all of the assets and liabilities of NorthStar Real Estate Income II Inc., or NorthStar II.
The recently closed merger, announced in August 2017, was approved by the respective shareholders of NorthStar I and NorthStar II earlier in January.
Colony NorthStar Credit is externally managed by a subsidiary of Colony NorthStar. The company's newly appointed board includes Richard Saltzman as chairman, Kevin Traenkle as CEO and president, and Colony NorthStar executive vice president and CFO Darren Tangen. Catherine Rice, Vernon Schwartz, John Westerfield and Winston Wilson will serve as independent directors.
The company's board authorized a stock repurchase program under which it may repurchase up to $300 million of its outstanding class A common stock until March 31, 2019.
