Ares Commercial greenshoe exercised, lifts convertibles to $69 million

By Tali David

Minneapolis, Dec. 19 - Underwriters for Ares Commercial Real Estate Corp.'s 7% convertible senior notes due 2017 exercised their over-allotment option in full for $9 million, increasing the size of the issue to $69 million, according to an 8-K filed with the Securities and Exchange Commission.

The company priced an upsized $60 million of the three-year convertibles on Dec. 14.

Credit Suisse Securities (USA) LLC was the underwriter on the offering, according to a market source

As previously reported, proceeds will be used to repay debt under the company's secured funding facilities and for other general corporate purposes, which includes investing in target assets in line with Ares' investment objectives.

Ares is a Chicago-based specialty finance company that operates as a real estate investment trust.

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