Sutherland Asset Management Corporation (NYSE:SLD) has priced a new short maturity baby bonds at 6.50%.
SLD is a specialty real estate lender and organized as a REIT.
This issue is of interest to us as we will have substantial cash after the Arbor Realty baby bond (NYSE:ABRN-CL) call tomorrow and with the very short maturity of this issue and reasonable coupon it fits right in with our goals.
The new issue has an early optional call date of 4/30/2019 and a maturity date of 4/30/2021. The early call date carries a premium and is at 101%.
We will have to do more due diligence on the issue as we are not familiar with SLD–but if it passes muster we will be a buyer.
The pre-announced ticker on the new baby bond is SLDD–this is subject to change.