Great Ajax to price add-on to 7.25% $25-par convertibles due 2024

By Marisa Wong

Morgantown, W.Va., Nov. 14 – Great Ajax Corp. announced a public offering of additional 7.25% $25-par convertible senior notes due April 30, 2024.

The notes will be an add-on to the $108 million of previously issued 7.25% convertible notes due 2024.

The company sold an initial $76.25 million of the notes on April 20, 2017 and an additional $11.25 million under the original deal’s greenshoe. The company sold $20.5 million more notes in a reopening on Aug. 15, 2017, as previously reported.

Raymond James & Associates Inc. and JMP Securities LLC are the bookrunners for the latest add-on.

Conversions will be settled in common stock, cash or a combination of the two, at the company’s option. The initial conversion rate will be 1.6388 shares per $25 principal amount of notes.

The notes will be conditionally callable on or after April 30, 2022. The issue will also be putable in some cases.

Proceeds will be used to acquire additional mortgage loans and mortgage-related assets consistent with its investment strategy and for general corporate purposes, the company said in a press release.

Great Ajax is a Beaverton, Ore.-based real estate investment trust.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.