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Sutherland Asset Management closes debt offering

Sutherland Asset Management Corp. closed a sale of $115 million aggregate principal amount of its convertible senior debt, inclusive of the $15 million from the underwriters' overallotment option.

Net proceeds are estimated at $110.9 million.

The senior notes are due Aug. 15, 2023, and will pay 7.00% per annum. The notes may be converted into Sutherland common shares at an initial rate of 1.4997 common shares per $25 principal amount of notes, equivalent to an initial conversion price of approximately $16.67 per common share.