ACRES COMMERCIAL REALTY CORP. ANNOUNCES COMPLETION OF MERGER, INTERNALIZATION AND PRIVATE NOTES OFFERING
ACR completed its all-stock merger with ACRES Capital Corp. and transitioned to an internally-managed REIT, issuing approximately 7.5 million shares with a net increase of 6.3 million shares outstanding. The company also closed a $200 million private offering of 8.625% Senior Secured Notes due 2031, using proceeds to repay $150 million of 5.75% notes maturing this month.
Key figures
- Shares Offered
- 7500000
- Debt refinanced
- $150 million
- New debt coupon
- 8.625%
- Old debt coupon
- 5.75%
- Net shares issued
- 6300000
- Insider ownership post merger
- >40%
AI analysis
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