Acres Commercial Realty to redeem 12% notes due 2027 via new notes

By Marisa Wong

Los Angeles, Aug. 9 – Acres Commercial Realty Corp. plans to redeem up to the full $50 million of its outstanding 12% senior notes due 2027 using proceeds from an offering of new senior notes.

Acres anticipates the redemption will result in a payment of $55.3 million, inclusive of all payments of principal, interest and fees, according to a 424B5 filing with the Securities and Exchange Commission.

Any remaining proceeds from the new notes 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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