Five Oaks Investment Prices $33.9 Mln Stock Offering

(RTTNews) - Five Oaks Investment Corp. (OAKS) said Wednesday that it has priced a public offering of 3 million shares of its common stock at $11.30 per share for estimated net proceeds of $32.0 million.

The offering is expected to close on February 24.

In connection with the offering, the company has granted the underwriters an option for 30 days to purchase up to an additional 450,000 shares of its common stock. 

The company plans to use the net proceeds from the offering to purchase legacy non-Agency residential mortgage-backed securities, or RMBS, non-Agency mortgage assets (including new issue non-Agency RMBS and mortgage loans, including prime jumbo residential whole loans), multi-family MBS and, to a lesser extent, Agency RMBS.

Keefe, Bruyette & Woods, a Stifel Company, RBC Capital Markets, Oppenheimer & Co. and JMP Securities acted as the joint book-running managers for the offering. Mitsubishi UFJ Securities acted as co-manager for the offering.