New Residential Investment Corp. has priced a public offering of 49,170,250 of its common shares at $15.00 per share.
The company has also granted the underwriters a 30-day option to purchase up to an additional 7,375,537 shares.
The offering is subject to customary closing conditions and is expected to close Feb. 3.
New Residential intends to use the net proceeds from the offering to fund a portion of its planned acquisition of approximately $97 billion unpaid principal balance of conventional mortgage servicing rights from CitiMortgage Inc., to make additional investments and for general corporate purposes.
Citigroup Global Markets Inc., Barclays Capital Inc., Bank of America Merrill Lynch and Credit Suisse Securities (USA) LLC are acting as joint book-running managers for the offering. BTIG LLC and FBR Capital Markets & Co. are acting as co-managers.