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Convertibles Calendar: ARES Commercial to price $50 million
December 14
ARES COMMERCIAL REAL ESTATE CORP. (NYSE: ACRE): $50 million of three-year convertible senior notes; before the market open Friday; talked at a fixed 7% coupon and initial conversion premium of 15%; Rule 144A deal; $7.5 million over-allotment option; non-callable and no puts; proceeds to repay debt under secured funding facilities and for other general corporate purposes; Chicago-based specialty finance company that operates as a real estate investment trust.
International Convertibles Calendar
ON THE HORIZON
ASIA CEMENT CORP. (Taiwan: 1102): less than $300 million of euro convertible bonds; tentatively set 0% coupon and five-year maturity; proceeds to repay loans, to purchase overseas raw materials and for operating capital; Taipei, Taiwan- cement producer.
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