Blackstone Mortgage Trust (BXMT) closes $279 million equity offering, draws term loan.

Blackstone Mortgage Trust, Inc. (BXMT) announced that it has closed an offering of 10 million shares of common stock, resulting in net proceeds to the company of $278.8 million.  The company said that proceeds will help improve liquidity and support origination of commercial mortgage loans.  In addition, BXMT said that it has entered into a Term B loan facility and drawn $325 million of proceeds during the 2nd quarter.  The loan facility is priced at L+475 and matures on April 23, 2026.

BXMT is a commercial mortgage REIT specializing in the origination of senior floating rate loans in North America, Europe and Australia. As of March 31, 2020, the portfolio included 132 loans with a principal balance of $16.5 billion and a last-dollar LTV of 64.4%. The company is externally managed by a subsidiary of The Blackstone Group, Inc. (BX), a global asset manager with approximately $538 billion of assets under management.