Ladder is issuing $500 million in senior unsecured bonds and expects to use the proceeds to repay $297 million of its outstanding unsecured bonds due 2017, decrease secured funding by approximately $200 million, and pay associated fees. We are assigning a 'B+' issue rating to the new unsecured bonds. We are also affirming the issuer credit rating on Ladder at 'BB-'. The outlook remains stable. On March 2, 2017, S&P Global Ratings assigned a 'B+' rating to Ladder Capital Finance Holdings LLLP's new $500 million unsecured bonds. We also affirmed our 'BB-' issuer rating on Ladder. The outlook remains stable. Our ratings on Ladder reflect its concentration in commercial real estate and its partial reliance on secured repurchase facilities that
