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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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
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Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago