Ares Commercial Real Estate Corporation (NYS: ACRE) (the "Company") announced that it plans to make a public offering of 18,000,000 shares of its common stock. The Company also plans to grant the underwriters an option to purchase up to an additional 2,700,000 shares of common stock. The offering of the shares will be 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. Depending upon the timing of the closing of the proposed loans in our 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 this offering to fund a portion of the purchase price of Alliant Capital.
Credit Suisse, Citigroup, Wells Fargo Securities, BofA Merrill Lynch and J.P. Morgan are acting as joint book-running managers for this offering. JMP Securities, Keefe, Bruyette & Woods, a Stifel Company, and RBC Capital Markets are acting as co-managers in the offering.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state
