Two Harbors has priced its upcoming public common stock offering. The company will sell 50 million of the shares at $13.46. Total gross proceeds are anticipated to be roughly $673 million. Additionally, Two Harbors has granted the issue's underwriters a 30-day option to buy up to an additional 7.5 million shares to cover overallotments, if any.
The company said it expects to use the net proceeds for "general corporate purposes" and to make acquisitions of "target assets." These include residential mortgage-backed securities, jumbo residential mortgage loans, and other such products.
Credit Suisse's eponymous securities unit is the lead book-running manager for the issue. Bank of America unit Merrill Lynch and Goldman Sachs are also book runners.
The issue is anticipated to close on or around March 22.
The article Two Harbors Prices Common Stock Offering originally appeared on Fool.com.
Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends Goldman Sachs, and owns shares of Bank of America. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.