Sale price reflects 2.86% discount to closing price on Tuesday
By Susanna Moon
Chicago, March 19 - Orchid Island Capital, Inc. said it priced its public offering of 3.2 million common shares at $12.55 per share for proceeds of $40.16 million. The underwriters have a 30-day over-allotment option for another 480,000 shares.
The offering price is a 2.86% discount to the company's closing price on March 18.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc., is the bookrunning manager.
Settlement is expected March 24.
Proceeds will be used to invest in mortgage-backed securities, as announced on March 18.
The real estate investment trust is based in Vero Beach, Fla.
| Issuer: | Orchid Island Capital, Inc.
|
| Issue: | Common shares
|
| Amount: | $40.16 million
|
| Greenshoe: | $6,024,000
|
| Shares: | 3.2 million
|
| Price: | $12.55
|
| Warrants: | No
|
| Bookrunners: | Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc.
|
| Co-lead managers: | Mitsubishi UFJ Securities (USA), Inc. and Oppenheimer & Co. Inc.
|
| Co-managers: | Aegis Capital Corp., Maxim Group LLC and National Securities Corp., a wholly owned subsidiary of National Holdings, Inc.
|
| Announcement date: | March 18
|
| Pricing date: | March 19
|
| Settlement date: | March 24
|
| Stock symbol: | NYSE: ORC
|
| Stock price: | $12.92 at close March 18
|
| Market capitalization: | $67.10 million
|
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