NEW YORK, Aug. 7, 2017
/PRNewswire/ -- Blackstone Mortgage Trust, Inc. (NYSE: BXMT)
(the "Company") today announced it has commenced an underwritten
public offering of $100.0 million
aggregate principal amount of its 4.375% convertible senior notes
due 2022 (the "Notes"). The Notes represent an additional offering
of the Company's 4.375% convertible senior notes due 2022, of which
$287.5 million in aggregate principal
amount were previously issued. The Notes will have the same CUSIP
as, and will be consolidated, form a single series and be fully
fungible with, such previously issued notes. The underwriter will
be granted a 30-day option by the Company to purchase up to an
additional $15.0 million aggregate
principal amount of the Notes solely to cover over-allotments.
The Company intends to use the net proceeds from the offering to
originate and purchase additional commercial mortgage loans and
other target assets and investments consistent with its investment
strategies and investment guidelines, and for working capital and
other general corporate purposes, including repayment of
indebtedness.
The Notes will pay interest semiannually at a rate of 4.375% per
annum and will mature on May 5, 2022.
The Notes will have an initial conversion rate of 28.0324 shares of
the Company's class A common stock per $1,000 principal amount of the Notes (equivalent
to an initial conversion price of approximately $35.67 per share of the Company's class A common
stock and a conversion premium of approximately 15% based on the
closing share price of $31.02 per
share of the Company's class A common stock on May 1, 2017). The initial conversion rate is
subject to adjustment upon the occurrence of certain events, but
will not be adjusted for any accrued and unpaid interest. Prior to
February 1, 2022, the Notes will be
convertible only upon certain circumstances and during certain
periods, and thereafter will be convertible at any time prior to
the close of business on the second scheduled trading day prior to
maturity. Upon conversion, holders will receive cash, shares of the
Company's class A common stock or a combination thereof at the
Company's election.
Barclays is acting as sole book-running manager for the
offering.
The offering will be made pursuant to the Company's currently
effective shelf registration statement filed with the Securities
and Exchange Commission (the "SEC").
The offering of these securities may be made only by means of a
prospectus and a related prospectus supplement, copies of which may
be obtained by contacting Barclays Capital Inc., c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 888-603-5847,
email: Barclaysprospectus@broadridge.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Blackstone Mortgage Trust
Blackstone Mortgage
Trust (NYSE: BXMT) is a real estate finance company that originates
senior loans collateralized by commercial real estate in
North America and Europe. Our investment objective is to
preserve and protect shareholder capital while producing attractive
risk-adjusted returns primarily through dividends generated from
current income from our loan portfolio. We are externally managed
by BXMT Advisors L.L.C., a subsidiary of Blackstone.
About Blackstone
Blackstone (NYSE: BX) is one of the
world's leading investment firms. Blackstone seeks to create
positive economic impact and long-term value for its investors, the
companies it invests in, and the communities in which it works.
Blackstone does this by using extraordinary people and flexible
capital to help companies solve problems. Blackstone's asset
management businesses, with over $370
billion in assets under management, include investment
vehicles focused on private equity, real estate, public debt and
equity, non-investment grade credit, real assets and secondary
funds, all on a global basis.
Forward-looking Statements and Other Matters
This
press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
You can identify these forward-looking statements by the use of
words such as "outlook," "indicator," "believes," "expects,"
"potential," "continues," "may," "will," "should," "seeks,"
"predicts," "intends," "plans," "estimates," "anticipates" or the
negative version of these words or other comparable words. Such
forward-looking statements are subject to various risks and
uncertainties. Accordingly, there are or will be important factors
that could cause actual outcomes or results to differ materially
from those indicated in these statements. The Company believes
these factors include but are not limited to those described under
the section entitled "Risk Factors" in its Annual Report on Form
10-K for the fiscal year ended December 31,
2016, as such factors may be updated from time to time in
its periodic filings with the SEC which are accessible on the SEC's
website at www.sec.gov. These factors should not be construed as
exhaustive and should be read in conjunction with the other
cautionary statements that are included in this release and in the
filings. The Company assumes no obligation to update or supplement
forward‐looking statements that become untrue because of subsequent
events or circumstances.
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SOURCE Blackstone Mortgage Trust, Inc.