While the SEC documents (FWP-Free Writing Prospectus) has not yet been filed we have the press release from Acres Commercial Realty Corporation (ACR) giving us most of the details of the previously announced preferred stock issue.
The cumulative, non qualified issue prices at 7.875%. It is unrated.
They have sold 2.4 million shares and there are another 360,000 shares available for over allotments.
The issue trades immediately under OTC grey market ticker ACRDP.
The company press release can be seen here.
5 thoughts on “Acres Commercial Realty Corporation Prices New Preferred Issue–Updated”
Slipped below par, and rightly so. ACR-C is a better deal.
this was Formerly EXANTAS, had big issues last year during pandemic, but who didn’t.
1st div payment date is July 30, not October 30.
From the FWP, filed this morning:
“On or about the 30th day of each January, April, July and October, commencing on July 30, 2021. The first distribution payment will cover the period from, but not including, May 21, 2021 to, but not including, July 30, 2021 and will be in the amount of $0.377344 per share.”
Thanks mbg–I see they changed it from the preliminary prospectus–updated.
CUSIP is 00489Q 300
From the FWP.’
CUSIP / ISIN: 00489Q 300 / US00489Q3002