04:04 AM EDT, 10/10/2024 (MT Newswires) -- Redwood Trust ( RWT ) said late Wednesday it priced about $40 million of its 7.75% convertible senior notes due 2027 in a private offering.

The company said the offering is a reopening and part of the same series of notes that were originally issued in June 2022, of which $207.4 million is outstanding.

Net proceeds from the offering are expected to be about $38.2 million and will be used to repurchase a portion of the company's outstanding 5.75% exchangeable senior notes due 2025, with any remaining funds used for general corporate purposes.

The offering is set to close on Friday.

Price: 7.65, Change: +0.10, Percent Change: +1.31