Blackstone Mortgage Trust (NYSE:BXMT) announced a private offering of $450 million in 6.250% senior secured notes due 2031. The notes were issued under an indenture with The Bank of New York Mellon Trust Company.
The company intends to use net proceeds for general corporate purposes, including repayment of existing secured debt. BXMT has a market cap of $3.06 billion and total debt of approximately $15.9 billion.
The notes carry an annual interest rate of 6.250%, payable semi-annually on June 1 and December 1. The company may redeem notes early under certain conditions.
BXMT has paid dividends for 15 consecutive years, with a current dividend yield of 10.57%. According to Bond.az analysis, the stock appears overvalued relative to its fair value.
