Real estate investment trust Two Harbors Investment Corp. (TWO) plans to launch an underwritten public offering to sell 35 million shares of common stock. The REIT, which invests primarily in residential mortgage-backed securities and residential loans, has offered underwriters an option to purchase an additional 5.25 million shares for 30 days. As of Friday, the company’s stock is trading at roughly $10.51 per share. Credit Suisse Securities (CS) was selected to serve as the lead book-running manager for the offering. Other book-running managers include Barclays Capital Inc. (BCS), JP Morgan Securities (JPM) and Wells Fargo Securities (WFC). Two Harbors acquires and manages agency and non-agency residential mortgage-backed securities. The firm is externally managed by PRCM Advisers LLC, a wholly-owned subsidiary of Pine River Capital Management LP. In May, Two Harbors announced it was targeting a $250 million deal as its first RMBS issuance of 2011, making it the second, private-label RMBS transaction of 2011. The first transaction came from Redwood Trust (RWT), which was the only private issuer of RMBS between the years 2008 and 2011. Write to Kerri Panchuk.
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