Deal sells 1.05 million shares at $20.00 apiece to Blackstone and EMG
By Devika Patel
Knoxville, Tenn., May 7 - Ellington Residential Mortgage REIT completed a $21 million private placement of stock with Blackstone Tactical Opportunities EARN Holdings LLC and EMG Holdings, LP on May 6, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 1.05 million common shares at $20.00 per share, a 2.15% premium to the closing share price, $19.58, on May 3.
Blackstone invested $20 million, and EMG invested $1 million. The deal was conducted in connection with the company's initial public offering, which offered stock at the same price as the shares sold in the placement.
The real estate investment trust is based in Old Greenwich, Conn.
| Issuer: | Ellington Residential Mortgage REIT
|
| Issue: | Common stock
|
| Amount: | $21 million
|
| Shares: | 1.05 million
|
| Price: | $20.00
|
| Warrants: | No
|
| Investors: | Blackstone Tactical Opportunities EARN Holdings LLC (for $20 million) and EMG Holdings, LP (for $1 million)
|
| Settlement date: | May 6
|
| Stock symbol: | NYSE: EARN
|
| Stock price: | $19.58 at close May 3
|
| Market capitalization: | $31.81 million
|
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