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Redwood Trust prices upsized equity offering, shares down 3% premarket

Sep. 04, 2019 5:44 AM ETRedwood Trust, Inc. (RWT) StockRWTBy: Niloofer Shaikh, SA News Editor
  • Redwood Trust (NYSE:RWTdown 3.1% premarket on pricing upsized public offering of 12.5M shares of its common stock at $16.08 per share, resulting in gross proceeds of $201M.
  • Underwriters over-allotment is an additional 1.875M shares of its common stock.
  • The offering is expected to close on September 6.
  • Net proceeds from this offering will be used to fund business and investment activity, to fund new investment opportunities in portfolios of residential, multifamily, or business purpose residential loans or securities, to make other portfolio investments, to fund its mortgage banking business, and to repay its $201M principal amount of exchangeable senior notes maturing in November 2019, and for general corporate purposes.
  • Previously: Redwood Trust plans capital raise; shares fall 1.6% (Sept. 3)

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