Adamas Trust sells $90 million in senior notes at 9.6% yield
Real estate investment trust secures $90 million through 9.6% coupon senior notes, proceeds to fund growth initiatives.
Adamas Trust has priced a $90 million senior notes offering at a 9.6% yield, according to a company announcement.
The real estate investment trust (REIT) said the notes will carry a fixed coupon rate of 9.6%, with proceeds earmarked for general corporate purposes, including potential acquisitions and debt refinancing. The offering follows recent capital-raising activity among REITs amid elevated borrowing costs and tightening lending conditions.
The senior notes are unsecured and rank pari passu with the company’s existing debt obligations, the statement added. Terms of the offering were not disclosed beyond the coupon rate and principal amount.
Adamas Trust, which focuses on commercial real estate investments, did not specify a maturity date for the notes in its announcement. The company has not provided additional details on investor demand or the allocation process.
Senior notes are typically issued to fund growth initiatives, refinance existing debt, or strengthen balance sheets. The 9.6% yield reflects current market conditions for unsecured corporate debt, particularly in the real estate sector, where borrowing costs remain elevated.
Priya covers listed equities and corporate earnings, reading quarterly results and guidance for what they signal about sector health and forward valuations.
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