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WESTBURY, N.Y., May 7, 2021 /PRNewswire/ ACRES Commercial Realty Corp. (NYSE: ACR) (the Company ) announced that its newly formed subsidiaries, ACRES Commercial Realty 2021-FL1 Issuer, Ltd. (the Issuer ) and ACRES Commercial Realty 2021-FL1 Co-Issuer, LLC (together with the Issuer, the Co-Issuers ), will issue $675.2 million of non-recourse, floating-rate notes ( Offered Notes, the Securities or the Offering ) at a weighted average cost of the one-month London Interbank Offered Rate ( LIBOR )+149 basis points.
Mark Fogel, President and CEO of the Company, stated, We are very pleased with the execution of our first managed CLO. We believe our origination pipeline will allow us to take full advantage of the transaction s reinvestment features, and our experienced asset management team will provide the support and oversight for the deal.
PSSL will retain all the Class E Notes and Subordinated Notes through a consolidated subsidiary. The reinvestment period for the term debt securitization ends in January 2024 and the Debt is scheduled to mature in January 2032. The term debt securitization is expected to be approximately 95% funded at close. The proceeds from the Debt will be used to repay a portion of PSSL’s $325 million secured credit facility.
The notes offered as part of the term debt securitization have not been and will not be registered under the Securities Act of 1933, as amended, or the Securities Act, or any state “blue sky” laws, and may not be offered or sold in the United States absent registration under Section 5 of the Securities Act or an applicable exemption from such registration requirements. The CLO is a form of secured financing incurred and consolidated by PSSL. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale