Ares Commercial Real Estate Corp. (ACRE) said Monday that it plans to make a public offering of 18 million shares of its common stock.
The company also plans to grant the underwriters an option to purchase up to an additional 2.7 million shares of common stock.
The company said it plans to use the net proceeds from the offering to invest in target investments, repay indebtedness, fund future funding commitments on existing loans and for other general corporate purposes.
Depending upon the timing of the closing of the proposed loans in the company's pipeline, the closing of the acquisition of Alliant Capital and the receipt of funds from other financings, the company may utilize a portion of the net proceeds of the offering to fund a portion of the purchase price of Alliant Capital.
For comments and feedback: editorial@rttnews.com