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Colony Financial, Inc. Announces Pricing Of $75 Million Of 7.50% Preferred Stock Offering

Stocks in this article: CLNY

Colony Financial, Inc. (the “Company”) (NYSE: CLNY) today announced it has priced 3,000,000 shares of 7.50% Series B Cumulative Redeemable Perpetual Preferred Stock (“Series B Preferred Stock”) with a liquidation preference of $25.00 per share. In addition, the Company has granted the underwriters a 30-day option to purchase an additional 450,000 shares of the 7.50% Series B Preferred Stock on the same terms and conditions solely to cover over-allotments, if any. The offering is expected to close on or about June 19, 2014, subject to customary closing conditions. Barclays, Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan and UBS Securities LLC are acting as joint book-running managers for the offering. Keefe, Bruyette & Woods, a Stifel Company, is acting as co-manager.

The Company estimates that the net proceeds from the offering, after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company, will be approximately $72.4 million, or approximately $83.3 million if the underwriters’ over-allotment option is exercised in full. The Company intends to use the proceeds from the offering to repay amounts outstanding under its secured revolving credit facility, and to use any remainder of the net proceeds from this offering to acquire its target assets in a manner consistent with its investment strategies and investment guidelines and for working capital and general corporate purposes.

The offering of the Series B Preferred Stock will be made under the Company’s automatically effective shelf registration statement, which was filed with the Securities and Exchange Commission (SEC). The offering will be made only by means of a prospectus supplement and prospectus, which have been filed with the SEC. Before you invest, you should read the applicable prospectus supplement and prospectus for more complete information about the Company and the offering. You may obtain these documents free of charge by visiting the SEC website at www.sec.gov. Alternatively, you may obtain copies, when available, by contacting Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone (toll free) at (888) 603-5847 or by email at Barclaysprospectus@broadridge.com; Merrill Lynch, Pierce, Fenner & Smith Incorporated, at 222 Broadway, New York, NY 10038, Attention: Prospectus Department or by emailing dg.prospectus_requests@baml.com; J.P. Morgan, 383 Madison Avenue, New York, New York 10179, Attention Investment Grade Syndicate Desk, telephone (collect) at (212) 834-4533; or UBS Securities LLC, 299 Park Avenue, New York, New York 10171, Attention Prospectus Department, telephone (toll free) at (877) 827-6444, ext. 5613884.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state or 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 jurisdiction.

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