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Two Harbors Investment offering 18 million common shares

Real estate investment trust Two Harbors Investment Corp. launched an underwritten public offering of 18 million shares of its common stock.

The company also plans to grant the underwriters a 30-day option to purchase up to an additional 2.7 million shares of its common stock.

Based on the March 18 $14.26 per-share closing price of the company's stock, the offering, including the overallotment option, represents gross proceeds of $295.2 million.

Net proceeds will be used to purchase the company's target assets, including residential mortgage-backed securities, mortgage servicing rights and other financial assets, as well as for general corporate purposes.

Credit Suisse, J.P. Morgan and JMP Securities are the joint book-running managers for the offering.