NEW YORK, Nov. 18, 2013 /PRNewswire/ -- Blackstone Mortgage Trust, Inc. (NYSE: BXMT) (the "Company") today announced it has commenced an underwritten public offering of $150.0 million aggregate principal amount of convertible senior notes due 2018 (the "Notes"). The underwriters have been granted a 30-day option by the Company to purchase up to an additional $22.5 million aggregate principal amount of the Notes solely to cover overallotments.
The Company intends to use the net proceeds from the offering 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.
The Notes will mature on December 1, 2018. Prior to September 1, 2018, the Notes will be convertible only upon certain circumstances and during certain periods, and thereafter will be convertible at any time prior to the close of business on the second scheduled trading day prior to maturity. Upon conversion, holders will receive cash, shares of the Company's class A common stock or a combination thereof at the Company's election. The interest rate, conversion rate and other terms of the Notes will be determined at the time of pricing of the offering.
Citigroup, BofA Merrill Lynch, J.P. Morgan and Wells Fargo Securities are acting as joint book-running managers for the offering. Blackstone Capital Markets is acting as co-manager.The offering will be made pursuant to the Company's currently effective shelf registration statement filed with the Securities and Exchange Commission. 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: Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, tel: 800-831-9146; BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn: Prospectus Department or email firstname.lastname@example.org; J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, tel: 1-866-803-9204; or Wells Fargo Securities, Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York, 10152, at (800) 326-5897 or email a request to email@example.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 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.