The company said it may also use the net proceeds from the offering to fund other business and investment activities, including the purchase of distressed mortgages and other investments, repaying debt and general corporate purposes.
The underwriters have a 30-day option from the date of the offering to purchase up to an additional 1,695,000 shares from the company and have offered the shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale.
Settlement of the offering, subject to customary closing conditions, is expected to occur on Aug. 19.
Citigroup, Credit Suisse Securities (USA) LLC, JPMorgan and Morgan Stanley are acting as the underwriters for the offering.
