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VEL - Velocity Financial subsidiary issues $215M of 7.125% senior notes
Velocity Financial Inc
Velocity Commercial Capital, a wholly-owned subsidiary of Velocity Financial (NYSE:VEL), has issued $215M of five-year Senior Secured Notes, which will bear interest at 7.125% per annum (payable semi-annually) and will mature on Mar. 15, 2027. The Notes settled on Mar. 15, 2022. Net proceeds were used to pay off the company’s existing term loan facility, and the remaining proceeds will be used for general corporate and other working capital purposes.