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Blackstone Mortgage Trust offers convertible debt

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Blackstone Mortgage Trust offers convertible debt

Blackstone Mortgage Trust Inc. commenced an additional public offering of $100.0 million aggregate principal amount of its 4.375% convertible senior notes.

Barclays is the sole book-running manager for the offering. The underwriter has a 30-day overallotment option for $15.0 million more of the debt.

The notes mature May 5, 2022. The company previously issued $287.5 million of the securities, which have an initial conversion rate of 28.0324 class A common shares per $1,000 principal amount of the notes. The initial rate is subject to adjustment, but is currently equivalent to $35.67 per share, plus a 15% conversion premium, based on the company's May 1 closing share price of $31.02.

The additional notes will be consolidated with the previously issued notes.