Blackstone Mortgage Prices Public Offering Of 20 Mln Shares At $30.50 Per Share

(RTTNews) - Blackstone Mortgage Trust, Inc. (BXMT) announced the pricing of an underwritten public offering of 20 million shares of its class A common stock at a public offering price of $30.50 per share. The offering was upsized from 17.5 million shares to 20 million shares.

The underwriters have been granted a 30-day option to purchase up to an additional 3 million shares. The offering is expected to close on April 17.

The offering will generate gross proceeds of $610.0 million, or about $701.5 million if the underwriters exercise their option to purchase additional shares in full.

The company intends to use the net proceeds from the offering to pay for a portion of the purchase price for its proposed acquisition of a portfolio of commercial mortgage loans from GE Capital Real Estate, and for working capital and other general corporate purposes.