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Five Oaks Investment prices 3.5m common shares.

BANKING AND CREDIT NEWS-June 20, 2014--Five Oaks Investment prices 3.5m common shares


20 June 2014 -- New York-based mortgage REIT Five Oaks Investment Corp (NYSE: OAKS) said that it has priced an underwritten public offering of 3.5m shares of its common stock for estimated net proceeds after giving effect to expected offering expenses of USD 38.25m.

In connection with the offering, the company has granted the underwriters an option for 30 days to purchase up to an additional 15%, or 525,000 shares of the common stock.

The common stock is listed on the NYSE under the symbol "OAKS." The company has applied to list the additional shares under the same symbol.

Five Oaks said it intends to use the net proceeds from the offering to purchase non-agency mortgage assets (including prime jumbo residential whole loans, other mortgage loans and new issue non-agency residential mortgage backed securities, or RMBS), multi-family MBS, legacy non-agency RMBS and, to a lesser extent, agency RMBS.

JMP Securities LLC is acting as the book-running manager for the offering.

Five Oaks Investment is a real estate investment trust focused on investing primarily in residential mortgage-backed securities, multi-family mortgage backed securities, residential mortgage loans, mortgage servicing rights and other mortgage-related investments.

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1 USD = .59 GBP

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Publication:M2 Banking & Credit News (BCN)
Date:Jun 20, 2014
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