Ares Commercial Real Estate Corp Announces Pricing of Public Offering

Friday, 21 Jun 2013 06:00am EDT 

Ares Commercial Real Estate Corp announced that it has priced a public offering of 18,000,000 shares of its common stock at a public offering price of $13.50 per share, raising gross proceeds of approximately $243,000,000. The closing of the transaction is subject to customary closing conditions and the shares are expected to be delivered on June 26, 2013. In connection with the offering, the Company has also granted the underwriters an option to purchase up to an additional 2,700,000 shares of common stock. The offering of the shares is being made under the Company's shelf registration statement, which was filed with, and declared effective by, the Securities and Exchange Commission. The Company intends to use the net proceeds from this offering to invest in target investments as described in the Company's prospectus supplement, repay indebtedness, fund future funding commitments on existing loans and for other general corporate purposes. 

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27 Feb 2015