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Ares Commercial closes out record in 2017

Published 01/08/2018, 04:49 PM
© Reuters.  Ares Commercial closes out record in 2017
ACRE
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  • Ares Commercial (NYSE:ACRE) closed $416M in new loan commitments during Q4, bringing 2017's total to a record $956M.
  • The company exited $211M in loan commitments in Q4, bringing the year total to $475M.
  • In addition, Ares late last year amended its $155M secured term loan cutting the all-in pricing to Libor plus 5% from Libor plus 6%. The 1% Libor floor was eliminated and the maturity extended by two years to the end of 2020. The company also elected to prepay $45M of the loan, which will necessitate a Q4 charge of $0.03 per share.
  • Source: Press Release
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