Ares Commercial Real Estate (ACRE) Prices 6.5M Shares of Common Stock for Gross Proceeds of Approximately $102.8 million

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.

You May Also Be Interested In

• Mr. Cooper Group (COOP) Appoints Ranjit Bhattacharjee as CIO and President, Kevin Barker as SVP of Corporate Finance
• Tantech Holdings (TANH) Announces $2.1 Million Private Placement
• Baker Hughes Company (BKR) Awarded Significant Gas Technology Scope for Phase 3 of Saudi Arabia’s Master Gas System