Starwood Property Trust Inc. has upsized and priced a private offering of $700 million of its 5.000% unsecured senior notes due 2021.

The offering was upsized from its previous $500 million. The notes were priced at 100.000% of the principal amount. The offering is expected to settle Dec. 16.

Starwood plans to use the net proceeds to repay part of the amount outstanding under its existing $653.2 million term loan agreement and for other general corporate purposes, which may include the payment of liabilities and other working capital needs.