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Acres Commercial Realty to sell senior notes to repay 2027 notes
By Marisa Wong
Los Angeles, Aug. 9 – Acres Commercial Realty Corp. plans to price an offering of senior notes, according to a 424B5 filed with the Securities and Exchange Commission.
The notes will feature a make-whole call and then a par call.
Raymond James & Associates, Inc. is the bookrunner.
The company intends to use proceeds to redeem up to the full $50 million of its outstanding 12% senior notes due 2027, which it anticipates will result in a payment of $55.3 million, inclusive of all payments of principal, interest and fees. Any remaining proceeds will be used to make loan originations and for general corporate purposes.
Acres is a real estate investment trust based in Westbury, N.Y.
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