Colony Financial raises $234.5 million in public offering
Real estate finance firm Colony Financial (CLNY) expects to generate $234.5 million from a completed public offering of 14 million shares. Colony Financial acquires, originates and manages commercial mortgage loans that run the gamut from performing to non-performing. The firm also is vested in commercial mortgage-backed securities and real-estate owned properties. Proceeds from the offering will be used to acquire attractive assets and to cover general corporate expenses. The common stock was priced at $18.50 per share during the offering. Colony Financial managed to sell 13.2 million common shares, while selling stockholders offloaded 750,000 shares. Underwriters to the transaction have 30 days to purchase an additional 2.1 million shares at the public offering price. Write to Kerri Panchuk.