Newcastle Investment Corp. (NCT) priced 22.5 million shares at $4.55 each this week, and plans to use proceeds to invest in excess mortgage servicing fees.
The real estate investment trust said additional proceeds may fund general corporate purposes, including the repurchase of indebtedness issued by its collateral debt obligations and mortgage-backed securities, as well as other real estate-related assets. Newcastle Investment gave underwriters an option to purchase an additional 3.4 million shares. The offering closes Tuesday.
Write to Kerri Panchuk.