Ares Commercial Real Estate Corporation Announces Pricing of Offering of Common Stock
18 Juni 2021 - 12:27PM
Business Wire
Ares Commercial Real Estate Corporation (the “Company”)
(NYSE:ACRE), today announced the pricing of an underwritten public
offering of 6,500,000 shares of common stock for total estimated
gross proceeds of approximately $102.8 million.
The Company has also granted the underwriters an option for 30
days to purchase up to an additional 975,000 shares of common
stock. The offering is expected to close on or about June 22, 2021,
subject to customary closing conditions. The Company intends to use
all of the net proceeds from the offering for general corporate
purposes, including investing in mortgage loans and other target
assets and investments consistent with its investment strategies
and investment guidelines, funding commitments on existing mortgage
loans, and repaying indebtedness.
Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC and
BofA Securities are joint book running managers for the offering,
and BTIG, LLC, JMP Securities LLC, Keefe, Bruyette & Woods, A
Stifel Company and Raymond James & Associates, Inc. are
co-managers for the offering.
A registration statement on Form S-3 relating to these
securities has been filed with the Securities and Exchange
Commission and has been declared effective. The offering may be
made only by means of a prospectus supplement and accompanying
prospectus. A copy of the final prospectus supplement and
accompanying prospectus related to the offering can be obtained,
when available, for free by visiting the Securities and Exchange
Commission’s website at http://www.sec.gov or by contacting: Morgan
Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick
Street, 2nd Floor, New York, NY 10014; Wells Fargo Securities, LLC,
Attention: Equity Syndicate Department, 30 Hudson Yards, 500 West
33rd Street - 14th Floor, New York, NY 10001 or by telephone at
1-800-326-5897 or by email at cmclientsupport@wellsfargo.com; or
BofA Securities, NC1-004-03-43, 200 North College Street, 3rd
floor, Charlotte, NC 28255-0001, Attn: Prospectus Department or by
email at dg.prospectus_requests@bofa.com.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor does it
constitute an offer, solicitation or sale of these securities in
any jurisdiction in which such offer, solicitation or sale is
unlawful. Nothing in this press release constitutes an offer to
sell or solicitation of an offer to buy any securities of the
Company or an investment fund managed by the Company or its
affiliates.
ABOUT ARES COMMERCIAL REAL ESTATE CORPORATION
Ares Commercial Real Estate Corporation is a specialty finance
company primarily engaged in originating and investing in
commercial real estate loans and related investments. Through its
national direct origination platform, the Company provides a broad
offering of flexible and reliable financing solutions for
commercial real estate owners and operators. The Company originates
senior mortgage loans, as well as subordinate financings, mezzanine
debt and preferred equity, with an emphasis on providing value
added financing on a variety of properties located in liquid
markets across the United States. Ares Commercial Real Estate
Corporation elected and qualified to be taxed as a real estate
investment trust and is externally managed by a subsidiary of Ares
Management Corporation.
FORWARD-LOOKING STATEMENTS
Statements included herein may constitute “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities and Exchange Act of
1934, as amended, which relate to future events or the Company’s
future performance or financial condition. These statements are not
guarantees of future performance, condition or results and involve
a number of risks and uncertainties. Actual results may differ
materially from those in the forward-looking statements as a result
of a number of factors, including the returns on current and future
investments, rates of repayments and prepayments on the Company’s
mortgage loans, availability of investment opportunities, the
Company’s ability to originate additional investments and
completion of pending investments, the availability of capital, the
availability and cost of financing, market trends and conditions in
the Company’s industry and the general economy, the level of
lending and borrowing spreads and interest rates, commercial real
estate loan volumes, the impact of the COVID-19 pandemic and the
pandemic's impact on the U.S. and global economy, the Company’s
ability to pay future dividends at historical levels or at all, and
the risks described from time to time in the Company’s filings with
the Securities and Exchange Commission (the “SEC”), including, but
not limited to, the risk factors described in Part I, Item 1A. Risk
Factors in the Company's Annual Report on Form 10-K, filed with the
SEC on February 18, 2021 and Part II, Item 1A. Risk Factors in the
Company's Quarterly Report on Form 10-Q, filed with the SEC on May
4, 2021 and the other documents we file from time to time with the
SEC. Any forward-looking statement, including any contained herein,
speaks only as of the time of this press release and Ares
Commercial Real Estate Corporation undertakes no duty to update any
forward-looking statements made herein. Projections and
forward-looking statements are based on management’s good faith and
reasonable assumptions, including the assumptions described
herein.
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INVESTOR RELATIONS Ares Commercial Real Estate
Corporation Carl Drake or John Stilmar (888) 818-5298
iracre@aresmgmt.com
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