By Devika Patel
Knoxville, Tenn., March 31 - Anthracite Capital, Inc. said it plans to raise $93.5 million from a private placement of preferred and common stock.
The company will sell $23.4 million of common stock at $6.69 per share and $70.1 million of cumulative redeemable convertible preferred stock to DLJ Real Estate Capital Partners.
The preferred stock is convertible into common shares at a conversion price of $7.49 per share, a 12% premium to the $6.69 closing price of the company's common stock (NYSE: AHR) on March 28. The shares pay 12% dividends.
Settlement is expected April 2.
Anthracite Capital is a New York-based real estate investment trust focused on investments in high yield commercial real estate loans and related securities. It is a subsidiary of New York-based BlackRock, Inc.
| Issuer: | Anthracite Capital, Inc.
|
| Issue: | Common stock, cumulative redeemable convertible preferred stock
|
| Amount: | $93.5 million
|
| Warrants: | No
|
| Investor: | DLJ Real Estate Capital Partners
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| Pricing date: | March 31
|
| Settlement date: | April 2
|
| Stock symbol: | NYSE: AHR
|
| Stock price: | $6.69 at close March 28
|
|
|
| Common stock
|
| Amount: | $23.4 million
|
| Price: | $6.69
|
|
|
| Convertible preferreds
|
| Amount: | $70.1 million
|
| Dividends: | 12%
|
| Conversion price: | $7.49
|
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