- Ares Commercial Real Estate (NYSE:ACRE) prices underwritten public offering of 7M common shares for total estimated gross proceeds of approximately $101.9M.
- Underwriters' have an option for 30 days to purchase up to an additional 1.05M common shares.
- Closing date is March 17.
- Net proceeds will be used for general corporate purposes, including repaying indebtedness and investing in mortgage loans and other target assets and investments consistent with its investment strategies and investment guidelines and funding commitments on existing mortgage loans.
- ACRE -7.4% premarket to $13.9
- Source: Press Release