NorthStar Realty Finance Corporation in New York has begun an underwritten public offering of $50 million of its new Series C Preferred Stock.
According to PRNewswire, "The Company expects to grant the underwriters a 30-day option to purchase up to an additional $7.5 million of its Series C Preferred Stock solely to cover over-allotments, if any."
Involved in the offering, UBS Investment Bank and Citigroup took the role of the joint-running managers.
Also involved are Barclays, Deutsche Bank Securities and Stifel Nicolaus Weisel, who are acting as co-lead managers of the offering while other investment banks act as co-managers.
NorthStar's goal is to use the net earnings from the business to make investments relating to the company; repurchasing or paying its liabilities and for general corporate purposes.
The Newswire reported that "A registration statement relating to the offered securities has been declared effective by the Securities and Exchange Commission ("SEC"). The offering is being made only by means of a prospectus supplement and accompanying base prospectus."
NorthStar Realty Corp. is a finance business that deals with real estate and real estate finance. It creates, acquires and manages portfolios of commercial real estate debt and many more.
