New Residential Investment Corp. (NYSE: NRZ; the “Company” or “New Residential”) announced today that it has completed the sale of 28,750,000 shares of its common stock, including 3,750,000 shares sold pursuant to the exercise in full of the underwriter’s option to purchase additional shares. The gross proceeds of the sale were approximately $175.4 million, before deducting underwriting discounts and commissions and estimated offering expenses. All of the shares were offered by the Company and were issued pursuant to an effective registration statement filed with the Securities and Exchange Commission.
New Residential intends to use the net proceeds from this offering for general corporate purposes, including to make a variety of investments, which may include, but are not limited to, investments in Excess MSRs, servicer advances, real estate securities and real estate related loans.
Citigroup acted as the sole underwriter for the offering. The offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone: (800) 831-9146.
A registration statement relating to these securities was declared effective on April 24, 2014 by the U.S. Securities and Exchange Commission. 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.
ABOUT NEW RESIDENTIAL
New Residential focuses on opportunistically investing in, and actively managing, investments related to residential real estate. The Company primarily targets investments in: (1) mortgage servicing related assets, (2) residential mortgage backed securities (“RMBS”), (3) residential mortgage loans and (4) other related investments. New Residential 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.