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New Residential Investment prices offering of preferred stock

New Residential Investment Corp. priced an underwritten public offering of 10 million of its 7.125% fixed-to-floating rate cumulative redeemable preferred shares, series B, with liquidation preference of $25 per share, for gross proceeds of approximately $250 million.

The company granted the underwriters a 30-day option to purchase up to an additional 1.5 million preferred shares. It intends to apply to list the preferred shares on the New York Stock Exchange under the symbol NRZ PR B.

The offering is anticipated to close Aug. 15.

New Residential expects to use the net proceeds from this offering for investments and general corporate purposes.

BofA Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC, UBS Securities LLC, Keefe Bruyette & Woods Inc. and Citigroup Global Markets Inc. are joint book-running managers for the offering.