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New Residential launches preferred stock offering

|About: New Residential Investment ... (NRZ)|By: , SA News Editor

New Residential Investment (NRZ +0.8%starts a public offering of series C fixed-to-floating rate preferred stock.

The terms of the preferred stock will be determined by negotiations between the company and the offering's underwriters.

Expects to grant underwriters 30-day option to buy up to an addition 15% of the preferred shares to cover over-allotments, if any.

Plans to use proceeds for investments and general corporate purposes.