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Granite Point Mortgage prices convertible senior notes offering

Granite Point Mortgage Trust priced its underwritten public offering of $125 million aggregate principal amount of its 6.375% convertible senior notes due 2023.

The unsecured notes will pay interest semiannually at a rate of 6.375% per annum and will mature Oct. 1, 2023. The notes will be convertible into common shares at an initial conversion rate of 48.8496 common shares per $1,000 principal amount of the notes.

The company granted underwriters the option to buy up to an additional $18.75 million aggregate principal amount of notes.

The offering is expected to close Oct. 12.

Net proceeds will be used for the origination or acquisition of senior floating-rate commercial real estate loans and other target assets, for working capital and for other general corporate purposes, including repayment of debt.

Morgan Stanley, Citigroup, J.P. Morgan and Wells Fargo Securities serve as joint book-running managers for the offering, while JMP Securities, Keefe Bruyette & Woods and Raymond James serve as co-managers.