Newcastle Investment Corp. (NCT: Quote) announced the completion of the sale of 57.5 million shares of its common stock, including 7.5 million shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional shares, at a public offering price of $9.35 per share.
The company noted that the gross proceeds from the sale were approximately $537.6 million.
Newcastle Investment said that all of the shares were offered by the company and were issued under the company’s existing effective shelf registration statement, previously filed with the Securities and Exchange Commission.
The company stated that it intends to use the net proceeds from the offering for general corporate purposes, including to make a variety of investments. The Company may apply some or all of such proceeds to fund a co-investment in excess mortgage servicing rights on a portfolio with an unpaid principal balance of about $215 billion.
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by RTT Staff Writer
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