NEW YORK, March 29 /PRNewswire-FirstCall/ -- Newcastle Investment Corp.
(NYSE: NCT) announced today that it has completed the placement of $100
million of trust preferred securities through its wholly-owned subsidiary,
Newcastle Trust I. Proceeds will be used to pay down the Company's existing
credit facility and fund future investments.
The $100 million of trust preferred securities have a 30-year term ending
April 2036. The securities will pay interest at a fixed rate of 7.57% for the
first ten years ending April 30, 2016 and thereafter, a floating rate of 3-
month LIBOR plus 2.25%. The securities can be redeemed by Newcastle at par
beginning in April 2011.
Kenneth Riis, Newcastle's President, commented, "We are pleased with this
issuance of trust preferred securities which provides Newcastle with an
alternative form of low cost, long-term capital to fund new investments."
Newcastle Investment Corp. invests in real estate securities and other
real estate-related assets. Newcastle is organized and conducts its
operations to qualify as a real estate investment trust (REIT) for federal
income tax purposes. For more information regarding Newcastle Investment Corp.
and to be added to our email distribution list, please visit
http://www.newcastleinv.com.
SOURCE Newcastle Investment Corp.
 back to top
Related links:
http://www.newcastleinv.com
CONTACT:
Lilly H. Donohue, Director of Investor
Relations of Newcastle Investment Corp., +1-212-798-6118
|
