Ellington Financial Closes $150M Senior Unsecured Notes Offering

By Philip Seaworth • Friday, September 18 10:51 • Permanent Link

Ellington Financial closed an additional $150 million offering of 7.375% senior unsecured notes due 2030, expanding the company’s existing debt stack tied to the same series.

The new notes were priced at 99.010% of principal, implying a yield to maturity of 7.663%. They were issued through subsidiaries and are guaranteed by the company.

The latest sale adds to the $400 million of 7.375% senior unsecured notes due 2030 already outstanding under the same indenture, bringing total notes in that series to $550 million.

Ellington said it expects to use the proceeds for general corporate purposes, including paying down part of its repurchase agreement borrowings and funding additional asset purchases. As a result of these announcements, the company's shares have moved -0.52% on the market, and are now trading at a price of $12.515. Check out the company's full 8-K submission here.

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