Item 8.01 Other Events.
On September 7, 2021, ACRES Commercial Realty Corp. (the "Company") repurchased
$4.0 million in aggregate principal amount, including accrued interest, of its
4.5% convertible senior notes due 2022 (the "Notes") at par in a privately
negotiated transaction with settlement occurring within two business days. The
anticipated charge to earnings for the repurchase of the Notes, including the
previously reported $51.7 million repurchases of the Notes, is approximately
$1.5 million, or $0.16 per share, comprising an extinguishment of debt charge of
$1.2 million in connection with the acceleration of the market discount and
interest expense of $304,000 in connection with the acceleration of deferred
debt issuance costs. Following the repurchases of the aggregate $55.7 million of
Notes, approximately $88.0 million in aggregate principal amount will remain
outstanding.
Cautionary Statement regarding Forward-Looking Statements
This Current Report on Form 8-K contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward-looking statements can
generally be identified by our use of forward-looking terminology such as "may,"
"trend," "will," "continue," "expect," "intend," "anticipate," "estimate,"
"believe," "look forward" or other similar words or terms. These
"forward-looking" statements include, but are not limited to, statements
regarding the estimated impact of the repurchase. Because such statements
include risks, uncertainties and contingencies, actual results may differ
materially from the expectations, intentions, beliefs, plans or predictions of
the future expressed or implied by such forward-looking statements. Factors that
can affect future results are discussed in the documents filed by the Company
from time to time with the United States Securities and Exchange Commission. The
Company undertakes no obligation to update or revise any forward-looking
statement to reflect new or changing information or events after the date hereof
or to reflect the occurrence of unanticipated events, except as may be required
by law.
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