Seven Hills Realty Trust announced the results of its fully backstopped transferable rights offering.
Approximately 73.2% of the common shares were subscribed for at $8.65 per share.
The offering resulted in subscriptions for about 5,517,113 of SEVN's common shares.
Backstop Agreement with Tremont Realty Capital LLC
Tremont agreed to exercise its pro rata primary subscription right in full and purchase remaining common shares not subscribed for.
Gross Proceeds
SEVN expects to receive approximately $65.2 million before expenses from the offering and backstop commitment.
Use of Proceeds
The proceeds will fund SEVN's business growth by expanding its loan portfolio and capitalizing on opportunities.
- SEVN plans to use the proceeds to grow its business by investing in middle market transitional commercial real estate.
- The offering was made through an existing effective shelf registration statement on Form S-3 with the SEC.
- All issued common shares, including those purchased by Tremont, are expected to be delivered by December 11, 2025.
Seven Hills Realty Trust completed a successful rights offering, receiving significant subscriptions. The funds raised will support its strategic expansion and investment plans in the real estate market.