OLD GREENWICH, Conn., May 9, 2013 /PRNewswire/ -- Ellington Financial LLC (NYSE: EFC) (the "Company") today announced that it has priced an underwritten public offering of 5,000,000 common shares representing limited liability company interests for total estimated gross proceeds of approximately $131.5 million. The Company has granted the underwriters an option for 30 days to purchase up to an additional 750,000 common shares. The offering is subject to customary closing conditions and is expected to close on May 14, 2013. BofA Merrill Lynch, Deutsche Bank Securities, Credit Suisse Securities ( USA) LLC and UBS Securities LLC are acting as joint book-running managers for the offering and have offered the shares at prevailing market prices or otherwise from time to time through the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise. Keefe, Bruyette & Woods, A Stifel Company and JMP Securities are acting as co-managers for the offering.
The Company expects to use the net proceeds of the offering to acquire certain of its targeted assets, including residential mortgage-backed securities backed by prime jumbo, Alt-A, manufactured housing and subprime residential mortgage loans and residential mortgage-backed securities for which the principal and interest payments are guaranteed by a U.S. government agency or a U.S. government-sponsored enterprise. The Company may also use the net proceeds for working capital and general corporate purposes.
The offering of common shares will be made pursuant to the Company's existing shelf registration statement on Form S-3, as amended, which was declared effective by the Securities and Exchange Commission on May 3, 2013. The offering is being made only by means of a prospectus supplement and accompanying base prospectus, which will be filed with the Securities and Exchange Commission. Copies of the prospectus supplement and accompanying base prospectus related to the offering may be obtained from BofA Merrill Lynch, 222 Broadway, New York, New York 10038, Attn: Prospectus Department or by e-mail at firstname.lastname@example.org ; Deutsche Bank Securities, Attention: Prospectus Department, at 60 Wall Street, New York, New York 10005-2836, by e-mail at email@example.com , or by telephone at (800) 503-4611; Credit Suisse Securities ( USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, New York 10010, by e-mail at firstname.lastname@example.org , or by telephone at (800) 221-1037 or UBS Securities LLC, Attention: Prospectus Department, 299 Park Avenue, New York, New York 10171, Telephone: (888) 827-7275.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the offered shares or any other securities, nor shall there be any sale of such shares or any other securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.