Investor Annaly Capital Management will buy 5 million common shares
By Devika Patel
Knoxville, Tenn., April 1 - Crexus Investment Corp. priced a $57.5 million private placement of stock on April 1, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal was announced concurrently with a public offering of 50 million common shares on March 21.
The company will sell 5 million shares to Annaly Capital Management, Inc. at $11.50 apiece, which is equal to the price of stock being sold in the company's public stock offering and a 0.7% premium to $11.42, the March 31 closing share price.
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.
| Issuer: | Crexus Investment Corp.
|
| Issue: | Common stock
|
| Amount: | $57.5 million
|
| Shares: | 5 million
|
| Price: | $11.50
|
| Warrants: | No
|
| Investor: | Annaly Capital Management, Inc.
|
| Announcement date: | March 21
|
| Pricing date: | April 1
|
| Stock symbol: | NYSE: CXS
|
| Stock price: | $11.57 at close April 1
|
| Market capitalization: | $209.65 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
