A unit of NorthStar Realty Finance Corp., a real estate investment trust, said Thursday it priced a previously announced private offering of $80 million in senior notes.
NRFC NNN Holdings LLC, NorthStar's subsidiary that owns its non-health care net lease properties, will issue the 11.5 percent senior notes due in 2013.
The senior notes will be exchangeable for cash or stock or a combination of the two.
Shares can be exchanged at an initial rate of about $12 per share, an 18 percent premium over Wednesday's closing price of $10.13.
The cash will be used to make investments and for general corporate purposes.
Shares of NorthStar Realty fell 47 cents, or 4.6 percent, to $9.66 in morning trading.
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