Current Report Filing (8-k)
22 Juni 2021 - 10:38PM
Edgar (US Regulatory)
0001529377
false
0001529377
2021-06-17
2021-06-17
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM 8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
June 17, 2021
Ares Commercial Real Estate Corporation
(Exact name of registrant as specified in its charter)
Maryland
|
001-35517
|
45-3148087
|
(State or Other Jurisdiction
of Incorporation)
|
(Commission
File
Number)
|
(IRS Employer
Identification No.)
|
245 Park Avenue, 42nd Floor, New York, NY
|
10167
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Registrant’s telephone number, including
area code (212) 750-7300
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
¨ Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
|
Trading
Symbol(s)
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Name of each exchange on which
registered
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Common Stock, $0.01 par value per share
|
ACRE
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New York Stock Exchange
|
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ¨
Item 1.01. Entry into a Material Definitive Agreement.
Underwriting Agreement
On June 17, 2021, Ares
Commercial Real Estate Corporation (the “Company”) entered into an underwriting agreement (the “Underwriting
Agreement”), by and among the Company, Ares Commercial Real Estate Management LLC, the Company’s external manager, and
Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, and BofA Securities, Inc., as representatives of the several underwriters
listed therein (collectively, the “Underwriters”). Pursuant to the terms of the Underwriting Agreement, the Company
agreed to sell, and the Underwriters agreed to purchase, subject to the terms and conditions set forth in the Underwriting Agreement,
an aggregate of 6,500,000 shares of the Company’s common stock, par value $0.01 per share. In addition, the Company granted to the
Underwriters a 30-day option to purchase up to an additional 975,000 shares.
The public offering closed
on June 22, 2021 and generated net proceeds of approximately $101.5 million, after deducting estimated transaction expenses. The
Underwriting Agreement contains customary representations, warranties and agreements of the Company, conditions to closing, indemnification
rights and obligations of the parties and termination provisions. Pursuant to the Underwriting Agreement, the Company has agreed, subject
to certain exceptions, not to sell or transfer any shares of its common stock or any securities convertible into or exercisable or exchangeable
for common stock for 30 days after June 22, 2021 without first obtaining the written consent of the representatives of the Underwriters.
The foregoing description of the material terms of the Underwriting Agreement is qualified in its entirety by reference to the full text
of the Underwriting Agreement, which is filed herewith as Exhibit 1.1 and is incorporated herein by reference.
The Offering was made pursuant
to the Company’s effective shelf registration statement on Form S-3 (File No. 333-232742), which was originally filed
with the Securities and Exchange Commission on July 19, 2019, and the related prospectus supplement and accompanying prospectus.
A copy of the opinion of Venable
LLP regarding the legality of the shares of common stock is attached as Exhibit 5.1 to this Current Report on Form 8-K and a
copy of the opinion of Kirkland & Ellis LLP regarding certain tax matters is attached as Exhibit 8.1 to this Current Report
on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
* Filed herewith.
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: June 22, 2021
|
ARES COMMERCIAL REAL ESTATE CORPORATION
|
|
Name:
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Tae-Sik Yoon
|
|
Title:
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Chief Financial Officer and Treasurer
|
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