U.S.-based investment management company M360 Advisors closed a private placement of $100 million aggregate principal amount of 6.75% senior unsecured notes due 2023.
Piper Sandler acted as placement agent for this offering. Alston & Bird acted as legal counsel to the issuer and Morrison & Foerster acted as legal counsel to the placement agent.
M360 intends to use the net proceeds from the offering (in combination with its existing credit facilities and a new $250 million credit facility from Credit Suisse) to fund new loan originations and for general corporate purposes.
“We are pleased to have closed this private placement with a strong ‘A’ credit rating in this challenging environment. It is a testament to the strength of our loan portfolio, the experience of our team and our disciplined process,” Evan Gentry, M360 founder and CEO, said. “We see a substantial pipeline of attractive commercial real estate lending opportunities in the market and this financing adds to our ample liquidity to harness those opportunities and further scale our business.”
“This transaction signifies confidence from the market that we will continue to successfully execute on our strategy and deliver attractive risk-adjusted returns,” Dan Vetter, M360 co-founder and chief investment officer, said.
