Proceeds used for investing in residential mortgage-backed securities
By Devika Patel
Knoxville, Tenn., Feb. 14 - Orchid Island Capital, Inc. said it priced its $35.4 million initial public offering of stock with a $5.31 million greenshoe. The deal was announced on Oct. 22.
The shares will be listed on the NYSE exchange under the symbol "ORC."
The company will sell 2.36 million common shares at $15.00 per share.
Ladenburg Thalmann & Co. Inc. and Oppenheimer & Co. Inc. are the joint bookrunning managers.
Settlement is expected on Feb. 20.
Proceeds will be invested in residential mortgage-backed securities.
Based in Vero Beach, Fla., Orchid is a specialty finance company that invests in residential mortgage-backed securities.
| Issuer: | Orchid Island Capital, Inc.
|
| Issue: | Common stock
|
| Amount: | $35.4 million
|
| Greenshoe: | $5.31 million
|
| Shares: | 2.36 million
|
| Price: | $15.00
|
| Warrants: | No
|
| Bookrunners: | Ladenburg Thalmann & Co. Inc. and Oppenheimer & Co. Inc.
|
| Lead manager: | Mitsubishi UFJ Securities (USA), Inc.
|
| Co-managers: | Aegis Capital Corp., Maxim Group LLC and National Securities Corp.
|
| Announcement date: | Oct. 22
|
| Pricing date: | Feb. 14
|
| Settlement date: | Feb. 20
|
| Stock symbol: | NYSE: ORC
|
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