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Blackstone Mortgage Trust (NYSE:BXMT) has announced a public offering of 10 million shares of its class A common stock, with an additional option for underwriters to purchase 1.5 million more shares. The offering aims to raise approximately $315 million, potentially $362 million if the option is fully exercised. The funds will support the origination of commercial mortgage loans and general corporate purposes. The closing date is set for September 14, 2021, pending customary conditions.
Positive
Offering is expected to raise approximately $315 million, aiding in commercial mortgage loan origination.
Potential increase in proceeds to $362 million if underwriters fully exercise their option.
Negative
Dilution of existing shareholders due to the new share issuance.
NEW YORK--(BUSINESS WIRE)--
Blackstone Mortgage Trust, Inc. (NYSE:BXMT) today announced the pricing of an underwritten public offering of 10,000,000 shares of its class A common stock. The underwriters have been granted a 30-day option by the Company to purchase up to an additional 1,500,000 shares. The offering is expected to close on September 14, 2021 and is subject to customary closing conditions. Total estimated gross proceeds of the offering are approximately $315 million or approximately $362 million if the underwriters exercise their option to purchase additional shares in full.
The Company intends to use the net proceeds from the offering for working capital and other general corporate purposes, including supporting the origination of additional commercial mortgage loans and other target assets and investments.
Morgan Stanley, Barclays, BofA Securities, Citigroup, J.P. Morgan and Wells Fargo Securities are acting as joint book-running managers for the offering.
The offering was made pursuant to the Company’s currently effective shelf registration statement filed with the Securities and Exchange Commission (the “SEC”).
The offering of these securities may be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained by contacting: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 888-603-5847, email: Barclaysprospectus@broadridge.com; BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attention: Prospectus Department or by email at dg.prospectus_requests@bofa.com; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 800-831-9146; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 1-866 803 9204, or by email at prospectus-eq_fi@jpmchase.com; or Wells Fargo Securities, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, New York, 10001, at (800) 326-5897 or email a request to cmclientsupport@wellsfargo.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Blackstone Mortgage Trust
Blackstone Mortgage Trust (NYSE:BXMT) is a real estate finance company that originates senior loans collateralized by commercial real estate in North America, Europe, and Australia. Our investment objective is to preserve and protect shareholder capital while producing attractive risk-adjusted returns primarily through dividends generated from current income from our loan portfolio. Our portfolio is composed primarily of loans secured by high-quality, institutional assets in major markets, sponsored by experienced, well-capitalized real estate investment owners and operators. These senior loans are capitalized by accessing a variety of financing options, depending on our view of the most prudent strategy available for each of our investments. We are externally managed by BXMT Advisors L.L.C., a subsidiary of Blackstone.
About Blackstone
Blackstone (NYSE:BX) is one of the world’s leading investment firms. Blackstone seeks to create positive economic impact and long-term value for its investors, the companies it invests in, and the communities in which it works. Blackstone does this by using extraordinary people and flexible capital to help companies solve problems. Blackstone’s asset management businesses, with $684 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis.
Forward-Looking Statements and Other Matters
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You can identify these forward-looking statements by the use of words such as “outlook,” “objective,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The Company believes these factors include but are not limited to those described under the section entitled “Risk Factors” in its Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as such factors may be further updated from time to time in its periodic filings with the SEC which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the filings. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events or circumstances.
What is the purpose of BXMT's recent public offering?
The proceeds from BXMT's public offering will be used for working capital and to support the origination of additional commercial mortgage loans.
How many shares is BXMT offering?
BXMT is offering 10 million shares of its class A common stock, with a 30-day option for underwriters to purchase up to an additional 1.5 million shares.
When will BXMT's public offering close?
The public offering is expected to close on September 14, 2021, subject to customary closing conditions.
What are the estimated proceeds from BXMT's offering?
The total estimated gross proceeds from the offering are approximately $315 million, or $362 million if the underwriters fully exercise their option.
Who are the underwriters for BXMT's public offering?
Morgan Stanley, Barclays, BofA Securities, Citigroup, J.P. Morgan, and Wells Fargo Securities are acting as joint book-running managers for the offering.
