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Ares Commercial Real Estate Corp To Acquire Alliant Capital LLC


Wednesday, 15 May 2013 06:00am EDT 

Ares Commercial Real Estate Corp announced that it has entered into a definitive agreement to acquire EF&A Funding, L.L.C, d/b/a Alliant Capital LLC from The Alliant Company, LLC and Alliant, Inc., for approximately $62.8 million through a combination of cash and stock. Under the terms of the transaction, Alliant Capital LLC is expected to become a wholly owned taxable REIT subsidiary of ACRE. Alliant Capital, Ltd., which on a national scale provides tax credit equity for the financing and development of affordable housing, is not included in the acquisition and will remain a part of The Alliant Company. The Alliant Company and Alliant, Inc. will receive 588,235 shares currently valued at approximately $9.9 million, using Ares Commercial Real Estate Corporation`s closing stock price on May 14, 2013, plus an additional $52.9 million in cash, subject to certain adjustments. The cash portion of the transaction may be financed through additional debt financing, potential issuances of common or preferred stock and/or the repayment or sale of certain assets. Credit Suisse Securities (USA) LLC acted as financial advisor to Ares Commercial Real Estate Corporation in connection with the transaction. 

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