Mortgage servicer Home Loan Servicing Solutions Friday morning priced a 13 million secondary offering of its common stock at $23 per share, which raised gross proceeds of $299 million.
This was below the Thursday close of $23.51 and at one point on Friday, investors had HLSS down to $22.35 per share, before it rebounded to close at $23.01.
The offering was upsized from the
Another offering which priced Friday morning involved commercial real lender Ares Commercial Real Estate Corp. It had an 18 million share offering which priced at $13.50 per share, raising gross proceeds of $243 million.
Ares closed on Thursday at $13.56 per share. During trading on Friday, it hit a 52-week low of $12.94 per share before regaining lost ground to close at $13.08 per share.
Besides being used to invest in target investments, proceeds will also be used to pay for future funding commitments on existing loans.
Ashford Hospitality Trust is doing an 11 million share common stock offering to help effect the planned spin-off of Ashford Hospitality Prime Inc. The offering priced at $12 per share after the market closed on Thursday.
It had closed at $12.44 on Thursday and opened at $11.79 on Friday. Ashford fell as far as $11.45 before coming back up to $11.60.
If the spin-off does not take place, proceeds will be used for such things as funding hotel-related investment and repayment of debt.
