Ellington Financial Inc. (NYSE:EFC) has priced a $150 million offering of 7.375% senior unsecured notes due 2030. The Old Greenwich, Connecticut-based company increased the deal from a previously announced $100 million.
The notes are priced at 99.010% of principal, producing a yield to maturity of 7.663%. They will be issued through certain subsidiaries and are fully and unconditionally guaranteed by Ellington Financial as senior unsecured obligations of the issuing subsidiaries.
The new notes are additional notes under an indenture dated October 6, 2025, under which $400 million of 7.375% senior unsecured notes due 2030 were previously issued. The new notes will rank as a single class with the existing notes and share the same terms and conditions, except for the issue date, first record date, first interest payment date, date from which interest accrues and issue price.
The proceeds will be used for general corporate purposes, including repaying a portion of borrowings under outstanding repurchase agreements and funding purchases of additional assets consistent with the company's investment objectives and strategies.
The offering is expected to close on September 17, 2026, subject to customary closing conditions. The notes are being offered exclusively to qualified institutional buyers under Rule 144A of the Securities Act and to non-U.S. persons outside the United States in reliance on Regulation S.
