Sale price reflects 2.86% discount to closing price on Tuesday
By Susanna Moon
Chicago, March 19 - Orchid Island Capital, Inc. said it priced its public offering of 3.2 million common shares at $12.55 per share for proceeds of $40.16 million. The underwriters have a 30-day over-allotment option for another 480,000 shares.
The offering price is a 2.86% discount to the company's closing price on March 18.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc., is the bookrunning manager.
Settlement is expected March 24.
Proceeds will be used to invest in mortgage-backed securities, as announced on March 18.
The real estate investment trust is based in Vero Beach, Fla.
Issuer: | Orchid Island Capital, Inc.
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Issue: | Common shares
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Amount: | $40.16 million
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Greenshoe: | $6,024,000
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Shares: | 3.2 million
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Price: | $12.55
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Warrants: | No
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Bookrunners: | Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc.
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Co-lead managers: | Mitsubishi UFJ Securities (USA), Inc. and Oppenheimer & Co. Inc.
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Co-managers: | Aegis Capital Corp., Maxim Group LLC and National Securities Corp., a wholly owned subsidiary of National Holdings, Inc.
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Announcement date: | March 18
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Pricing date: | March 19
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Settlement date: | March 24
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Stock symbol: | NYSE: ORC
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Stock price: | $12.92 at close March 18
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Market capitalization: | $67.10 million
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