The company will sell 7.7 million shares of common stock in this offering. The Ares Commercial Real Estate IPO price is estimated to be between $19.00 and $20.00 per share. The company has applied to list common stock on the New York Stock Exchange under the symbol “ACRE.”
Ares Commercial Real Estate estimates to recieve net proceeds of approximately $147.1 million, from this offering, on the basis of an assumed public offering price of $19.50 per share, the median of the previously announced Ares Commercial Real Estate IPO price range. The company will use the net proceeds to repay banking facility, pay the holders of Class A Preferred Stock and for general corporate purposes.
Wells Fargo Securities, Citigroup, BofA Merrill Lynch and J.P. Morgan are working as the joint book-managers and representatives of underwriters for the Ares Commercial IPO. Keefe, Bruyette & Woods, RBC Capital Markets, Stifel Nicolaus Weisel and SunTrust Robinson Humphrey also joined the underwriting syndicate on this deal. The underwriters are granted to buy aggregately 1.155 million additional common shares at the initial Ares Commercial Real Estate IPO price to cover over-allotment.
Company Description
Ares Commercial Real Estate Corporation was organized on September 1, 2011 and is focusing on originating, investing in and managing middle-market commercial real estate loans and other commercial real estate, or “CRE-,” related investments.
Ares Commercial Real Estate Corporation is a recently organized specialty finance company focused on originating, investing in and managing middle-market commercial real estate loans and other commercial real estate, or "CRE-," related investments. We target borrowers whose capital needs are not being met in the market by offering customized financing solutions. We implement a strategy focused on direct origination combined with experienced portfolio management through our Manager's servicer, which is a Standard & Poor's-ranked commercial primary servicer and commercial special servicer that is included on S&P's Select Servicer List, to meet our borrowers' and sponsors' needs.
Proposed Symbols: ACRE
CIK: 0001529377
Address: TWO NORTH LASALLE STREET, STE 925
City, State, Zip: CHICAGO ,IL 60602
Telephone: 312.324.5900
CEO: John B. Bartling, Jr.
IPO Profile
Deal Data Status: Filed
Share Price: 19.00-20.00
Shares Offered: 7,700,000
Offer Amount: Total Expenses: $3,050,000.00
Shares Over Alloted: 1,155,000
Shareholder Shares Offered:
Shares Outstanding: 9,234,615
Lockup Period / Expiration:
Quiet Period Expiration:
Financials Revenue: $3,000.00
Net Income: ($163,000.00)
Total Assets: $7,587,000.00 Total Liabilities: $1,150,000.00
Stockholders' Equity: $6,437,000.00
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