Preferred Stock OfferingIn July 2012, the Company completed an underwritten public offering of 4,280,000 shares of its Series A Preferred Stock, including a partial exercise of the overallotment option by the underwriters. The net offering proceeds, after deducting underwriting discounts and commissions and offering costs payable by the Company, were approximately $106 million. The July preferred stock sale was priced at $25.685, inclusive of a $0.08 accrued dividend, (versus a par sale at the $25.00 liquidation value in March 2012) which equated to a strip yield of 8.30% (versus a 8.50% yield in March 2012). The Company used a portion of the net proceeds to repay amounts outstanding under its line of credit and the remainder to fund acquisitions of target assets. The offering is a reopening of the Company’s original issuance of Series A Preferred Stock, which closed on March 20, 2012.
Colony Financial Announces Second Quarter 2012 Financial Results
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