By Stephanie N. Rotondo
Seattle, Aug. 9 – New details emerged on Blackstone Mortgage Trust Inc.’s $100 million add-on to its 4.375% convertible senior notes due 2022 on Wednesday.
The add-on priced on Tuesday, coming at 100.375% of par, the company said in an FWP filed with the Securities and Exchange Commission on Wednesday.
The company originally sold $250 million of the convertibles at a discounted price of 99 on May 2. A $37.5 million greenshoe was exercised May 23, bringing the total amount out standing to $287.5 million.
Barclays is running the books on the add-on.
There is a $15 million over-allotment option.
Conversions will be settled in cash, class A common stock or a combination of both. The conversion rate is 28.0324 shares per each $1,000 of notes, equal to an initial conversion price of $35.67 a share.
At the time of the initial deal’s pricing, the conversion price represented an initial conversion premium of 15%.
The convertibles are contingently convertible prior to Feb. 1, 2022 and are convertible at any time after that date.
Proceeds will be used 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 debt.
Blackstone Mortgage is a New York-based real estate investment trust.
| Issuer: | Blackstone Mortgage Trust Inc.
|
| Issue: | Convertible notes add-on
|
| Amount: | $100 million
|
| Greenshoe: | $15 million
|
| Maturity: | May 5, 2022
|
| Bookrunner: | Barclays
|
| Coupon: | 4.375%
|
| Price: | 100.375
|
| Par: | $1,000
|
| Conversion price: | $35.67 per share
|
| Conversion rate: | 28.0324 class A shares per $1,000 of notes
|
| Contingent conversion: | Prior to Feb. 1, 2022
|
| Pricing date: | Aug. 8
|
| Settlement date: | Aug. 11
|
| Original issue: | $287.5 million priced on May 2, 2017 at 99
|
| Total amount: | $387.5 million
|
| Stock symbol: | NYSE: BXMT
|
| Stock reference price: | $30.70 as of Aug. 7 close
|
| Market capitalization: | $2.964 billion
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
