Secondary markets

Two Harbors Prices Stock Offering

By Bonnie Sinnock

Published March 19, 2013, 10:24 a.m. EDT

1 Min Read

Two Harbors Investment Corp. has priced a public offering of 50 million shares of its common stock at an offering price of $13.46 per share, for total gross proceeds (before underwriting discount and commissions and estimated expenses) of approximately $673 million.

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The company has granted the underwriters an option for 30 days to purchase up to an additional 7.5 million shares of the company’s common stock to cover overallotments, if any. The offering is expected to close on or about March 22.

The company expects to use the net proceeds from this offering to make additional acquisitions of its target assets, including residential mortgage-backed securities, prime jumbo residential mortgages, credit-sensitive residential mortgages and mortgage servicing rights, and for other general corporate purposes.

Credit Suisse Securities (USA) LLC is acting as the lead book-running manager for the offering. Barclays Capital Inc., B of A Merrill Lynch and Goldman, Sachs & Co. also are acting as book-running managers.

Capital Markets Editor

Bonnie Sinnock is National Mortgage News' Capital Markets Editor at Arizent and has worked for NMN and affiliated publications since 1995. Her... Read full bio

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Secondary markets

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