Drive Shack Inc (DSHK)

[Enterprising Investor]

Newcastle Announces Completion of $157 million Golf Debt Repurchase (9/02/15)

NEW YORK--(BUSINESS WIRE)--Newcastle Investment Corp. (“Newcastle” or the “Company,” NYSE:NCT) announced today that it closed the repurchase of $157 million face amount of third party golf debt at a price of 90% of par or $141 million on August 31, 2015. The golf debt consists of a $51 million first lien and a $106 million second lien loan and is secured by the Company’s golf portfolio. The $141 million purchase price was funded with $71 million of cash on hand and $70 million of short term financing.

Newcastle’s total cost basis in the repurchased debt was 99.8% of par. The transaction generated a $15 million total gain on extinguishment of debt.

ABOUT NEWCASTLE

Newcastle focuses on investing in, and actively managing, real estate related assets. Newcastle conducts its operations to qualify as a REIT for federal income tax purposes. Newcastle is managed by an affiliate of Fortress Investment Group LLC, a global investment management firm.

http://www.businesswire.com/news/home/20150902006105/en/Newcastle-Announces-Completion-157-million-Golf-Debt#.VedzdyGFOUk