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Granite Point Mortgage Trust to offer convertible senior notes

Granite Point Mortgage Trust plans to offer up to $125 million aggregate principal amount of convertible senior notes due 2022 in a private offering to institutional buyers.

The company expects to grant the initial purchasers an option to buy up to another about $18.8 million of the notes.

The notes, which will mature in December 2022, will be unsecured, will pay interest semiannually and will be convertible at the option of the holder into common shares.

Granite Point plans to use the net proceeds to originate and acquire target assets, and for general corporate purposes.