Funds to repay debt, make investments for business, general capital
By Melissa Kory
Cleveland, May 12 - NorthStar Realty Finance Corp. announced that it plans to raise $63.75 million through the public offering of 15 million shares of its common stock.
The shares will be sold at $4.25 per share, a 9.57% discount from the May 11 closing price of $4.70.
The offering is expected to close on May 17.
Citi and Wells Fargo Securities are the joint book-running managers for the offering, and FBR Capital Markets is the co-manager.
The underwriters have a 30-day over-allotment option to purchase up to 2.25 million additional shares of common stock.
NorthStar expects to use the proceeds to purchase or repay its debt, to make investments relating to its business and for general corporate purposes.
New York-based NorthStar is a real estate investment trust that originates and invests in commercial real estate debt, real estate securities and net lease properties.
| Issuer: | NorthStar Realty Finance Corp.
|
| Issue: | Common stock
|
| Amount: | $63.75 million
|
| Grenshoe: | $9,562,500
|
| Shares: | 15 million
|
| Price: | $4.25
|
| Warrants: | No
|
| Pricing date: | May 12
|
| Settlement date: | May 17
|
| Stock symbol: | Nasdaq: NRF
|
| Stock price: | $4.70 at close May 11
|
| Market capitalization: | $353.64 million
|
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