Saxon Capital Inc., Glen Allen, Va., has priced the initial public offering of Saxon REIT Inc., at $22.75 per share.The company is converting to a real estate investment trust structure. It is selling 17.0 million shares of the new common stock, raising $386.8 million in gross proceeds. Furthermore, the underwriters have been granted a 30-day option to buy up to 2.55 million additional shares at the IPO price. Friedman, Billings, Ramsey & Co. is the lead manager, with Credit Suisse First Boston LLC, J.P. Morgan Securities Inc., and Jefferies & Co. Inc. as co-managers. The company announced Sept. 13 that its shareholders had approved the conversion to REIT status. Each current common share of Saxon will be exchanged for one share of Saxon REIT plus $4 cash. As of late morning on Sept. 21, Saxon was trading at $27.40 per share.

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