NorthStar Realty Finance Corp., a commercial mortgage real estate investment trust, has priced a preferred stock offering which will raise $175 million for the company.
The Series D Preferred Stock was priced at 8.5% and has a liquidation preference of $25 per share. There is an overallotment option to the underwriters to purchase an additional $26.25 million. The pricing took place after the market closed on Wednesday.
New York-based North Star said proceeds will be used to make investments relating to the business, repurchase or pay liabilities and for general corporate purposes.
Citigroup and UBS Investment Bank are acting as the joint book-running managers of the offering. Barclays, Deutsche Bank Securities, JPMorgan and Keefe, Bruyette & Woods are acting as the joint-lead managers of the offering and FBR, JMP Securities, MLV & Co. and Sterne Agee are acting as the co-managers of the offering.
In December,
