Northstar priced 45 million shares at $18.40 a share. The offering includes a 30-day option for underwriters to purchase up to 6.75 million additional shares. The company expects the offering to close on Sept. 9.
The company plans to use the net proceeds from the sale for general corporate purposes, possibly including repurchase and repayment of the company's liabilities.
More than 17.7 million shares had changed hands as of 9:50 a.m., more than triple the average volume of 5,488,050.
Separately, TheStreet Ratings team rates NORTHSTAR REALTY FINANCE CP as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate NORTHSTAR REALTY FINANCE CP (NRF) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, good cash flow from operations and increase in stock price during the past year. However, as a counter to these strengths, we also find weaknesses including deteriorating net income and disappointing return on equity."