Benzinga | Jun 17, 2021 04:28PM EDT

Ares Commercial Real Estate Corporation Announces Launch Of Offering Of 975K Shares Of Common Stock

Ares Commercial Real Estate Corporation (the "Company") (NYSE:ACRE), today announced the launch of an underwritten public offering of 6,500,000 shares of common stock. The Company expects to grant to the underwriters of the offering an option to purchase up to 975,000 additional shares of common stock.

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, Inc. are joint book running managers for the offering, and JMP Securities LLC, Keefe, Bruyette & Woods, Inc. and Raymond James & Associates, Inc. are co-managers for the offering.

A registration statement on Form S-3 relating to these securities has been filed with the Securities and Exchange Commission and has been declared effective. The offering may be made only by means of a preliminary prospectus supplement and accompanying prospectus. A copy of the preliminary prospectus supplement and accompanying prospectus related to the offering can be obtained for free by visiting the Securities and Exchange Commission's website at http://www.sec.gov or by contacting: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 30 Hudson Yards, 500 West 33rd Street - 14th Floor, New York, NY 10001 or by telephone at 1-800-326-5897 or by email at cmclientsupport@wellsfargo.com; or BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attn: Prospectus Department or by email at dg.prospectus_requests@bofa.com.

This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor does it constitute an offer, solicitation or sale of these securities in any jurisdiction in which such offer, solicitation or sale is unlawful. Nothing in this press release constitutes an offer to sell or solicitation of an offer to buy any securities of the Company or an investment fund managed by the Company or its affiliates.