NEW YORK , Nov. 12, 2024 /PRNewswire/ -- Safehold Inc. (the "Company" or "Safehold") (NYSE: SAFE) today announced that its operating company, Safehold GL Holdings LLC (the "operating company"), has priced a public offering of $400 million aggregate principal amount of its 5.
650% senior notes due 2035 (the "Notes"). The Notes will mature on January 15, 2035 . The offering is expected to settle on November 14, 2024 , subject to the satisfaction of customary closing conditions.
The Notes will be fully and unconditionally guaranteed by the Company. The public offering price of the Notes was 98.812% of the principal amount for an effective semi-annual yield to maturity of 5.
804%. The Company has recently terminated hedges and realized a cash settlement gain of approximately $22 million . Giving effect to this gain, the Company expects to recognize an effective semi-annual yield to maturity of approximately 5.
09%. The operating company intends to use the net proceeds from the offering for general corporate purposes, which may include repaying borrowings under its unsecured revolver, making additional investments in ground leases, providing for working capital and funding obligations under existing commitments. J.
P. Morgan Securities LLC, BofA Securities, Goldman Sachs & Co. LLC and Truist Securities, Inc.
acted as joint book-running managers and representatives of the underwriters for the offering. Mizuho Securities USA LLC, RBC Capital Markets, LLC, Barclays Capital Inc., Morgan S.
