Fieldstone Investment Corp., a Maryland-based mortgage banker, has priced a $703 million public offering of 47.1 million shares of common stock at $15 per share.Friedman, Billings, Ramsey & Co., the Arlington, Va.-based exclusive placement agent for the offering, said the net proceeds to Fieldstone will be approximately $657.4 million. Fieldstone will use the proceeds to redeem the nonmanagement shares of common stock outstanding before the offering, build its portfolio of nonconforming residential mortgages, repay borrowings under its warehouse lines of credit and repurchase facilities, fund working capital, and for other corporate purposes, FBR said. FBR can be found on the Web at http://www.fbr.com.

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