Lawsuit alleges former LandCastle Title CEO embezzled $30 million

Lawsuit alleges former LandCastle Title CEO embezzled $30 million

Nat Hardwick allegedly used funds for private jets, gambling

Fannie Mae: Lenders ask these 4 questions about MSRs

All about transfer and execution

Fidelity National bails out Landcastle Title

Discovered “substantial account misappropriations”
W S

RMBS investor Orchid Island decreases proposed IPO

/ Print / Reprints /
| Share More
/ Text Size+
Orchid Island Capital, an investor in residential mortgage-backed securities, lowered its proposed deal size on its upcoming initial public offering. The Vero Beach, Fla.-based company now plans to raise $42 million by offering 5.2 million share for $8 each, according to Renaissance Capital. Orchid Island previously filed to offer 7.5 million at a range of $10 to $12. The firm is filing an IPO to switch to real estate investment trust status, which will allow for certain tax benefits, but limits the scope of investments. As a REIT, Orchid Island will focus its investments primarily on Fannie Mae, Freddie Mac and Ginnie Mae mortgage-backed securities, according to sources close to the deal. Orchid Island plans to list on the New York Stock Exchange under the symbol ORC. Barclays Capital and JMP Securities are the lead underwriters on the deal, expected to price in the week of July 25. Write to Jacob Gaffney. Follow him on Twitter @jacobgaffney.

Recent Articles by Jacob Gaffney

Comments powered by Disqus