Deal conducted by joint bookrunners Ladenburg Thalmann and Oppenheimer
By Devika Patel
Knoxville, Tenn., Jan. 29 - Orchid Island Capital, Inc. said the underwriters for its public offering of stock opted to exercise the deal's $3.38 million greenshoe in full, lifting total proceeds to $25.88 million on Jan. 23. The offering was announced Jan. 15 and priced for $22.5 million with the greenshoe on Jan. 16.
The company sold 2.07 million common shares at $12.50 per share. The price per share reflects a 7.41% discount to the Jan. 15 closing share price of $13.50. Of the shares, 270,000 were part of the fully exercised greenshoe.
Ladenburg Thalmann & Co. Inc. and Oppenheimer & Co. Inc. were the joint bookrunning managers.
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: | $25,875,000, including $3,375,000 greenshoe
|
| Shares: | 2.07 million
|
| Price: | $12.50
|
| 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: | Jan. 15
|
| Pricing date: | Jan. 16
|
| Settlement date: | Jan. 23
|
| Stock symbol: | NYSE: ORC
|
| Stock price: | $13.50 at close Jan. 15
|
| Market capitalization: | $40.93 million
|
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