Blackstone Mortgage greenshoe lifts convertible sale to $172.5 million

By Tali David

Minneapolis, Dec. 2 - Underwriters for Blackstone Mortgage Trust, Inc.'s offering of 5.25% convertible senior notes due 2018 exercised their over-allotment option in full, adding an additional $22.5 million for total proceeds of $172.5 million, according to a press release.

The company priced $150 million of the five-year convertibles on Nov. 19.

As previously reported, Citigroup Global Markets Inc., BofA Merrill Lynch, J.P. Morgan Securities LLC and Wells Fargo Securities are the joint bookrunners of the convertible offering. Blackstone Capital Markets is a co-manager.

Proceeds are earmarked to originate and purchase additional commercial mortgage loans and other target assets and investments consistent with the company's investment strategies and investment guidelines. Proceeds may also be used for working capital and other general corporate purposes.

The notes are non-callable but have takeover protection and net share settlement.

Blackstone is a New York-based real estate financial company primarily focused on originating mortgage loans backed by commercial real estate.

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