Ares Commercial Real Estate slides on 7 mln share offering

Ares Commercial Real Estate

17/05/2022 22:02

** Ares Commercial Real Estate Corporation  ACRE.N  shares
fall ~4% post-market as co looks to raise equity
    ** Mortgage REIT managed by Ares Management  ARES.N 
subsidiary launches 7 mln share offering  urn:newsml:reuters.com:*:nBw8jp9rBa
    ** ACRE to use net offering proceeds for general corp
purposes, including investing in mortgage loans and repaying
debt
    ** Morgan Stanley, Wells Fargo, Citi, and UBS leading
offering, which is slated to price later this evening/before the
bell Weds
    ** Co has 47.44 mln shares outstanding for ~$741 mln market
cap, per Refinitiv data
    ** Shares on Tues rose 1.9% to $15.63, extending YTD gain to
7.5%

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))