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Newcastle Investment Corp. (NYSE: NCT) (“Newcastle” or the “Company”) announced today that it priced its public offering of 20,000,000 shares of its common stock for gross proceeds of approximately $209.6 million. In connection with the offering, the Company has granted the underwriters an option for 30 days to purchase up to an additional 3,000,000 shares of common stock. The offering is expected to close on February 15, 2013, subject to customary closing conditions.
The Company intends to use the net proceeds from the offering for general corporate purposes, including to make a variety of investments, which may include, but is not limited to, investments in real estate securities, real estate related loans, consumer loans, residential loans, corporate loans, senior living assets, excess mortgage servicing rights and operating real estate.
Credit Suisse Securities (USA) LLC and BofA Merrill Lynch are the joint book-running managers for the offering. The offering will be made pursuant to the Company’s existing effective shelf registration statement, previously filed with the Securities and Exchange Commission. The offering will be made only by means of a prospectus and a related prospectus supplement. Copies of the prospectus and prospectus supplement may be obtained from: Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, New York 10010, Telephone: (800) 221-1037, Email:
email@example.com; or BofA Merrill Lynch, Attention: Prospectus Department, 222 Broadway, New York, NY 10038, Email:
This press release does not constitute an offer to sell or the solicitation of an offer to buy shares of common stock, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Newcastle focuses on opportunistically investing in, and actively managing, real estate related assets. The Company primarily invests in two distinct areas: (1) Residential Servicing and Securities and (2) Commercial Real Estate Debt and Other Assets. The Company is organized and conducts its operations to qualify as a real estate investment trust (REIT) for federal income tax purposes. The Company is managed by an affiliate of Fortress Investment Group LLC, a global investment management firm.