This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Hatteras Financial Corp. Announces Pricing Of Series A Preferred Stock Offering

Hatteras Financial Corp. (NYSE: HTS) (the “Company”) today announced that it priced an underwritten public offering of 10,000,000 shares of its 7.625% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”) at a public offering price of $25.00 per share, for gross proceeds of $250.0 million, before deducting the underwriting discount and other estimated offering costs. The Company granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of the Series A Preferred Stock solely to cover overallotments, if any. The offering is expected to close on August 27, 2012, subject to customary closing conditions. The Company will file an application to list the Series A Preferred Stock on the New York Stock Exchange under the symbol “HTSPrA.”

The Company intends to use the estimated net offering proceeds, after deducting the underwriting discount and other estimated offering costs, of $241.9 million (or $278.2 million if the underwriters exercise their overallotment option in full) to acquire agency securities with short effective durations, primarily three-year, five-year, seven-year and 10-year hybrid ARMs, and other short duration agency securities, such as agency securities backed by 10-year or 15-year fixed-rate mortgages. The Company may also use the net proceeds of this offering for general corporate purposes, which may include the repayment of outstanding indebtedness and the purchase of hedging instruments.

Wells Fargo Securities, LLC, Citigroup Global Markets Inc., UBS Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated are serving as the joint book-running managers for the offering. RBC Capital Markets, LLC, Stifel, Nicolaus & Company, Incorporated, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Jefferies & Company, Inc., J.P. Morgan Securities LLC, BB&T Capital Markets, a division of Scott & Stringfellow, LLC, Keefe, Bruyette & Woods, Inc. and Sterne, Agee & Leach, Inc. are serving as co-managers for the offering.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs