Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Tue, May 24, 5:43 PM
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Slide #235. Two Harbors Investment Corp — Preferred Stock Offering
Two Harbors Investment Corp (NYSE:TWO)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
Two Harbors Investment Corp. (NYSE:TWO) announced today the pricing of its underwritten public offering of 5,000,000 shares of its 8.125% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the "Series A Preferred Stock"), liquidation preference $25.00 per share, for gross proceeds of approximately $125 million, before deducting the underwriting discount and other estimated offering expenses. The company also granted the underwriters of the offering a 30-day option to purchase up to an additional 750,000 shares of Series A Preferred Stock to cover over-allotments, if any. The offering is expected to close on or about March 14, 2017, subject to customary closing conditions. The Company intends to apply to list the Series A Preferred Stock on the New York Stock Exchange under the symbol "TWO PRA".
Two Harbors Investment is a holding company. Through its subsidiaries, Co. operates as a real estate investment trust focused on investing in, financing and managing Agency residential mortgage-backed securities (Agency RMBS), mortgage servicing rights (MSR), and other financial assets, which Co. collectively refers to as its target assets. Co. acquires and manages an investment portfolio of its target assets, which include the following: Agency RMBS, meaning RMBS whose principal and interest payments are guaranteed by the Government National Mortgage Association, the Federal National Mortgage Association, or the Federal Home Loan Mortgage; MSR; and other financial assets.
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Hold (2.33 out of 4)
(ranked lower than approx. 100% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com