Newcastle Investment Prices Public Offering Of 50.45 Mln Shares - Quick Facts

(RTTNews) - Newcastle Investment Corp. (NCT) announced Tuesday that it priced its public offering of 50.45 million shares of its common stock for gross proceeds of about $264.9 million.

In connection with the offering, the company has granted the underwriters an option for 30 days to purchase up to an additional 7.50 million shares of common stock. The underwriters may offer the shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. The offering is expected to close on November 22, 2013, subject to customary closing conditions. The company noted that it intends to use the net proceeds from this offering to fund a portion of the purchase price for a portfolio of senior housing properties that Newcastle has agreed to acquire from certain affiliates of Holiday Retirement. The company stated that it may also use the net proceeds from this offering for general corporate purposes, which could include acquisitions of other senior housing properties, CDO debt, other real estate securities and loans, operating businesses or other assets.