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Exantas Capital to issue $404.9M of floating-rate notes

Exantas Capital Corp.'s subsidiary, Exantas Capital Corp. 2018-RSO6 Ltd., is set to issue $404.9 million of non-recourse, floating-rate notes.

They will be issued at a weighted average cost of London Interbank Offered Rate plus 112 basis points.

The offered notes include $290.5 million of class A notes at a coupon of LIBOR plus 83 basis points, $39.2 million of class B notes at LIBOR plus 115 basis points, $30.2 million of class C notes at LIBOR plus 185 basis points and $45.0 million of class D notes at LIBOR plus 250 basis points. Exantas Capital will retain the class E and class F subordinated notes and the preferred shares in the transaction.

The securities are backed by self-originated commercial mortgage loans with an aggregate principal balance of $514.2 million.

The transaction is expected to close on or about June 26, subject to customary closing conditions.