Crexus Investment plans share placement alongside public offering

Investor Annaly Capital Management will buy 5 million common shares

By Devika Patel

Knoxville, Tenn., March 21 - Crexus Investment Corp. arranged a private placement of stock, according to a prospectus supplement filed Monday with the Securities and Exchange Commission. The deal will price concurrently with a public offering of 50 million common shares.

In the private transaction, the company will sell 5 million shares to Annaly Capital Management, Inc. at a price per share equal to the price of stock sold in the company's planned public sale.

Proceeds will be used for the company's planned acquisition of a portfolio of commercial mortgages and other commercial real estate assets. Any remaining proceeds will be used to acquire additional investments and for general corporate purposes.

New York-based Crexus is a commercial real estate finance company.

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