Specialty finance company Ellington Financial LLC is offering to exchange any or all of its $86 million outstanding 5.25% senior notes due 2022 for up to $86 million of a new issue of 5.50% senior notes due 2022.
The majority of the holders of the outstanding 5.25% senior notes have already agreed to participate in the exchange.
The exchange offer is scheduled to expire at 5 p.m. ET on on Feb. 6. However, it is conditioned upon Ellington's decision to elect to be taxed as a real estate investment trust for U.S. federal income tax purposes. If the company does not elect to be taxed as a REIT by April 30, the exchange offer will be abandoned.