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Press release content from Business Wire. The AP news staff was not involved in its creation.

Tremont Mortgage Trust Prices Offering of 5,000,000 Common Shares

May 16, 2019

NEWTON, Mass.--(BUSINESS WIRE)--May 16, 2019--

Tremont Mortgage Trust (Nasdaq: TRMT) today announced that it has priced a public offering of 5,000,000 common shares at a price to the public of $5.65 per common share. TRMT expects to use a portion of the net proceeds from this offering to repay the entire amount outstanding under the credit agreement with its manager (the Manager) as lender (the RMR Credit Agreement), at which time the RMR Credit Agreement will be terminated. TRMT also expects to use the remaining net proceeds from this offering for general business purposes, including reducing borrowings under TRMT’s master repurchase facility and/or funding its investment activities. The settlement of this offering is expected to occur on May 21, 2019. The underwriters have been granted a 30-day option to purchase up to an additional 750,000 common shares. The Manager intends to purchase from the underwriters 20% of the common shares being sold in this offering, which is 1,000,000 common shares (or 1,150,000 common shares if the underwriters exercise their option to purchase additional common shares in full).

The joint bookrunning managers for this offering are Morgan Stanley, Citigroup, RBC Capital Markets, UBS Investment Bank, JMP Securities and J.P. Morgan. The co-managers for this offering are Janney Montgomery Scott, JonesTrading and Oppenheimer & Co.

This press release is neither an offer to sell nor a solicitation of an offer to buy shares, nor shall there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The prospectus relating to this offering will be filed with the SEC and copies can be obtained, when available, by contacting the offices of: Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling (800) 831-9146; RBC Capital Markets, Attn: Equity Syndicate, Three World Financial Center, 200 Vesey Street, 8th Floor, New York, NY 10281, telephone: (877) 822-4089; or UBS Investment Bank, Attention: Prospectus Department, 1285 Avenue of the Americas, New York, NY, 10019 or by calling (888) 827-7275.

Warning Concerning Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Also, whenever TRMT uses words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may”, and negatives or derivatives of these or similar expressions, TRMT is making forward-looking statements. These forward-looking statements are based upon TRMT’s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by TRMT’s forward-looking statements as a result of various factors. for example:

  • This press release states that TRMT expects the settlement of the common shares to occur on May 21, 2019. In fact, the issuance and delivery of the common shares is subject to various conditions and contingencies as are customary in underwriting agreements in the United States. If these conditions are not satisfied or the specified contingencies do not occur, this offering may not close.
  • This press release states that the underwriters have been granted an option to purchase up to an additional 750,000 common shares. An implication of this statement may be that this option may be exercised in whole or in part. In fact, TRMT does not know whether the underwriters will exercise this option, or any part of it.

For these reasons, among others, investors are cautioned not to place undue reliance upon forward-looking statements.

Except as required by law, TRMT does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.

A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq. No Shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190516006129/en/

CONTACT: Christopher Ranjitkar

Senior Director, Marketing & Investor Relations

(617) 796-7651

KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS

INDUSTRY KEYWORD: PROFESSIONAL SERVICES REIT BANKING FINANCE CONSTRUCTION & PROPERTY

SOURCE: Tremont Mortgage Trust

Copyright Business Wire 2019.

PUB: 05/16/2019 07:00 PM/DISC: 05/16/2019 07:01 PM

http://www.businesswire.com/news/home/20190516006129/en