Connect with us

Business

ACRES Commercial Realty Corp. Announces the Public Offering Price of 7.875% Cumulative Redeemable Preferred Shares Series D

Published

on

 


WESTBURY, NY, May 14, 2021 / PRNewswire / – ACRES Commercial Realty Corp. (NYSE: ACR) (the “Company”) today announced the public offering price of 2,400,000 shares of its newly designated 7.875% Cumulative Redeemable Preferred Shares Series D (the “Shares”). privileged ”) at a public offering price of $ 25.00 per share. The Company has also granted the underwriters a 30-day option to purchase up to 360,000 additional shares of the Preferred Share at the public offering price, less subscription discounts and commissions. The preferred share will have a $ 25.00 liquidation preference by share. The Company will receive gross proceeds of $ 60.0 million from the sale of the preferred shares before deducting the subscription discount and other estimated offering costs. The offer is expected to close on May 21, 2021, subject to customary closing conditions.

The Company intends to use the net proceeds of this offering to make loan initiations in accordance with its investment policies and for general corporate purposes.

The Company intends to file an application to list the Preferred Share on the New York Stock Exchange under the symbol “ACR PrD”.

Raymond James & Associates, Inc. acts as the sole manager of the accounting for the offering.

A pre-registration statement on Form S-3, including a prospectus, relating to the preferred share has been filed and declared effective by the United States Securities and Exchange Commission (“SEC”). The offer was made only by way of a preliminary prospectus supplement and related prospectus filed by the Company with the SEC.

Copies of the final prospectus supplement and accompanying prospectus, when available, can be obtained from Raymond James & Associates, Inc., Attn .: Syndicate, 880 Carillon Parkway, St. Petersburg, FL 33716, by phone at (800) 248-8863, or by visiting the SEC website at www.sec.gov under the name of the company.

This press release does not constitute an offer to sell or the solicitation of an offer to buy such securities, nor any sale of such securities in any state or jurisdiction where such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of those states or jurisdictions.

About ACRES Commercial Realty Corp.

ACRES Commercial Realty Corp. is a real estate investment trust that primarily focuses on the granting, holding and management of commercial real estate mortgages and other debt investments related to commercial real estate. The company is managed externally by ACRES Capital, LLC, a subsidiary of ACRES Capital Corp., a private commercial real estate lender exclusively dedicated to mid-market CRE loans nationwide with a focus on multi-family housing, student housing , hospitality, industrial and office buildings in top US markets. For more information, please contact Investor Relations at [email protected]

Forward-looking statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can generally be identified by our use of forward-looking terms such as “may”, “trend”, “will”, “continue”, “expect”, “intend”, “anticipate”, “estimate”. “,” “Believe”, “look ahead” or other words or similar terms. These “forward-looking” statements include statements relating, among other things, to the offering of preferred shares, to the intended use of the proceeds. net of the offer and the Company’s expectations regarding the closing of the offer. As such statements include risks, uncertainties and contingencies, actual results may differ materially from expectations, intentions, beliefs, plans or predictions. for the future expressed or implied by such forward-looking statements. Investors should carefully consider the investment objectives, risks and expenses of the Company before investing. The Prospectus Supplement and accompanying Prospectus contain include this and other information about the company and should be read carefully before investing.

Factors that may affect future results are discussed in documents filed from time to time by the Company with the SEC. The Company assumes no obligation to update or revise any forward-looking statement to reflect new or changing information or events after the date hereof or to reflect the occurrence of unforeseen events, except as required by law.

Cision

Cision

Show original content:http://www.prnewswire.com/news-releases/acres-commercial-realty-corp-announces-pricing-of-public-offering-of-7-875-series-d-cumulative-redeemable-preferred-stock- 301291896.html

SOURCE ACRES Commercial Realty Corp.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos



picture credit

ExBUlletin

to request, modification Contact us at Here or [email protected]