New Residential Announces Pricing of Public Offering of Preferred Stock

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New Residential Announces Pricing of Public Offering of Preferred Stock

Posted by Goyo Large on Tuesday, June 25, 2019 Under: 848FINACE

6:17 PM ET 6/25/19 | BusinessWire

NEW YORK--(BUSINESS WIRE)--June 25, 2019--

New Residential Investment Corp. (NYSE: NRZ; "New Residential" or the "Company") announced today that it priced an opportunistic underwritten public offering of 5,400,000 shares of its 7.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the "Preferred Stock") with a liquidation preference of $25.00 per share, for gross proceeds of approximately $135,000,000, before deducting underwriting discounts and other estimated offering expenses. The Company intends to apply to list the Preferred Stock on the New York Stock Exchange under the symbol "NRZ PR A." The offering is expected to close on July 2, 2019, subject to customary closing conditions. In connection with the offering, the Company has granted the underwriters an option for a period of 30 days to purchase up to an additional 810,000 shares of the Preferred Stock.

The Company intends to use the net proceeds from this offering for investments and general corporate purposes.

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