Five Oaks' 8.75% cumulative preferreds to begin trading on NYSE

By Tali Rackner

Minneapolis, Jan. 6 - Five Oaks Investment Corp.'s 8.75% series A cumulative preferred stock has been admitted to trading on the New York Stock Exchange, according to a notice.

The shares trade under the symbol "OAKS PRA."

The company priced $20 million of the preferreds on Dec. 18.

As previously reported, Five Oaks sold 800,000 shares at a liquidation preference of $25.00 per share. The company has a 30-day over-allotment option for an additional 120,000 shares.

Keefe Bruyette & Woods Inc. and Ladenburg Thalmann & Co. Inc. are the joint bookrunners. Mitsubishi UFJ Securities (USA) Inc., BTIG LLC, Maxim Group LLC and MLV & Co. LLC are the co-managers.

Proceeds will be used to buy legacy non-agency residential mortgage-backed securities, non-agency mortgage assets, multi-family MBS and, to a lesser extent, agency RMBS.

Five Oaks is a New York-based real estate investment trust focused on investing, financing and managing a portfolio of RMBS and MBS.

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