Newcastle Announces Closing Of Public Offering Of Common Stock Including Exercise Of Option To Purchase Additional Shares
Newcastle Investment Corp. (NYSE: NCT) (“Newcastle” or the “Company”)
announced today that it has completed the sale of 57,500,000 shares of
its common stock, including 7,500,000 shares sold pursuant...
Newcastle Investment Corp. (NYSE: NCT) (“Newcastle” or the “Company”) announced today that it has completed the sale of 57,500,000 shares of its common stock, including 7,500,000 shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional shares, at a public offering price of $9.35 per share. The gross proceeds from the sale were approximately $537.6 million. All of the shares were offered by the Company and were issued under the Company's existing effective shelf registration statement, previously filed with the Securities and Exchange Commission. The Company intends to use the net proceeds from the offering for general corporate purposes, including to make a variety of investments. The Company may apply some or all of such proceeds to fund a co-investment in excess mortgage servicing rights on a portfolio with an unpaid principal balance of approximately $215 billion. Credit Suisse Securities (USA) LLC, Barclays Capital Inc., Citigroup and UBS Securities LLC served as the joint book-running managers for the offering. Keefe, Bruyette & Woods, Inc. and Macquarie Capital (USA) Inc. served as co-managers for the offering. 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 NEWCASTLE 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.