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Blackstone Mortgage Trust, Inc. Announces Pricing Of Public Offering Of Convertible Senior Notes

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NEW YORK, Nov. 19, 2013 /PRNewswire/ -- Blackstone Mortgage Trust, Inc. (NYSE: BXMT) (the "Company") today announced the pricing of an underwritten public offering of $150.0 million aggregate principal amount of its 5.25% convertible senior notes due 2018 (the "Notes"). The offering is expected to close on November 25, 2013 and is subject to customary closing conditions. The offering will generate gross proceeds of approximately $150.0 million, or $172.5 million if the underwriters exercise their option to purchase additional Notes in full.

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 pay interest semiannually at a rate of 5.25% per annum and will mature on December 1, 2018. The Notes will have an initial conversion rate of 34.8943 shares of the Company's class A common stock per $1,000 principal amount of the Notes (equivalent to a conversion price of approximately $28.66 per share of the Company's class A common stock and a conversion premium of approximately 15% based on the closing share price of $24.92 per share of the Company's class A common stock on November 19, 2013). The initial conversion rate is subject to adjustment upon the occurrence of certain events, but will not be adjusted for any accrued and unpaid interest.  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.

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 dg.prospectus_requests@baml.com; 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 cmclientsupport@wellsfargo.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.

About Blackstone Mortgage Trust
Blackstone Mortgage Trust, Inc. (NYSE: BXMT) is a real estate finance company that primarily originates and purchases senior mortgage loans collateralized by properties in the United States and Europe. The company is externally managed by BXMT Advisors L.L.C., a subsidiary of The Blackstone Group L.P., or Blackstone, and is a real estate investment trust traded on the NYSE under the symbol "BXMT." Blackstone Mortgage Trust, Inc. is headquartered in New York City.

About Blackstone
Blackstone (NYSE: BX) is one of the world's leading investment and advisory firms. Blackstone seeks to create positive economic impact and long-term value for its investors, the companies it invests in, the companies it advises and the broader global economy. Blackstone does this through the commitment of its extraordinary people and flexible capital. Blackstone's alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit-focused funds and closed-end funds. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services.

Forward-looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to future financial results and business prospects. The forward-looking statements contained in this press release are subject to certain risks and uncertainties including, but not limited to, the risks indicated from time to time in Blackstone Mortgage Trust Inc.'s Form S-3 (File No. 333-190191), as amended, and the documents incorporated in the registration statement, including Blackstone Mortgage Trust, Inc.'s Form 10-K for the fiscal year ended December 31, 2012 and Form 10-Q for the fiscal quarters ended March 31, 2013, June 30, 2013 and September 30, 2013. Blackstone Mortgage Trust, Inc. assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events or circumstances.

SOURCE Blackstone Mortgage Trust, Inc.



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