CHICAGO--(BUSINESS WIRE)--
Ares Commercial Real Estate Corporation (NYSE: ACRE) announced that it
has closed its initial public offering of 7,700,000 shares of common
stock at $18.50 per share, raising approximately $142.5 million in gross
proceeds. Ares Commercial Real Estate has also granted the underwriters
an option to purchase up to an additional 1,155,000 shares of common
stock to cover over-allotments, if any.
Shares of Ares Commercial Real Estate’s common stock began trading
Thursday, April 26, 2012, on the New York Stock Exchange under the
ticker symbol “ACRE.”
Wells Fargo Securities, Citigroup, BofA Merrill Lynch and J.P. Morgan
acted as book-running managers in this offering. Keefe, Bruyette &
Woods, RBC Capital Markets, Stifel Nicolaus Weisel and SunTrust Robinson
Humphrey acted as co-managers in this offering.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sale of the
shares referred to in this press release in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of such state or
jurisdiction. A registration statement relating to these securities was
filed and has been declared effective by the Securities and Exchange
Commission.
A copy of the final prospectus to the offering may be obtained from:
Wells Fargo Securities, Attn: Equity Syndicate Department, 375 Park
Avenue, New York, NY 10152 (Tel: 800-326-5897) or email: [email protected];
or Citigroup, Brooklyn Army Terminal, 140 58th Street, 8th floor,
Brooklyn, NY 11220 (Tel: 800-831-9146) or email: [email protected];
or BofA Merrill Lynch, 4 World Financial Center, New York, NY
10080, Attn: Prospectus Department or email: [email protected];
or J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717, Attention: Prospectus Department (Tel:
866-803-9204).
About Ares Commercial Real Estate Corporation
Ares Commercial Real Estate Corporation is a specialty finance company
that originates, invests in and manages middle-market commercial real
estate loans and other commercial real estate investments. Through its
national direct origination platform, Ares Commercial Real Estate
provides flexible financing solutions for middle market borrowers. Ares
Commercial Real Estate intends to elect to be taxed as a real estate
investment trust and is externally managed by an affiliate of Ares
Management LLC, a global alternative asset manager that had
approximately $48 billion in committed capital under management as of
March 31, 2012.
Forward-Looking Statements
Statements included herein may constitute “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of
1995, which relate to future events or our future performance or
financial condition. These statements are not guarantees of future
performance, condition or results and involve a number of risks and
uncertainties. Actual results may differ materially from those in the
forward-looking statements as a result of a number of factors, including
those described from time to time in our filings with the Securities and
Exchange Commission. Ares Commercial Real Estate undertakes no duty to
update any forward-looking statements made herein.
Investors
Ares Commercial Real Estate Corporation
Carl
Drake, 404-814-5204
or
Media
Mendel Communications
Bill
Mendel, 212-397-1030
[email protected]
Source: Ares Commercial Real Estate Corporation
