New Residential Investment Corp. Announces Pricing of Public Offering of Preferred Stock
February 11 2020 - 3:20PM
Business Wire
New Residential Investment Corp. (NYSE: NRZ; “New Residential”
or the “Company”) announced today that it priced an opportunistic
underwritten public offering of 14,000,000 shares of its 6.375%
Series C 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 $350,000,000,
before deducting underwriting discount 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 C.” The
offering is expected to close on February 14, 2020, 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 2,100,000 shares of the
Preferred Stock.
The Company intends to use the net proceeds from this offering
for investments and general corporate purposes.
BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan
Stanley & Co. LLC, RBC Capital Markets, LLC, UBS Securities
LLC, Keefe, Bruyette & Woods, Inc., a Stifel Company and
Citigroup Global Markets Inc. are acting as joint book-running
managers for the offering.
The offering is being made pursuant to the Company’s effective
shelf registration statement filed with the Securities and Exchange
Commission (the “SEC”). The offering is being made only by means of
a prospectus and a related prospectus supplement. Prospective
investors should read the prospectus supplement and the prospectus
in that registration statement and other documents the Company has
filed or will file with the SEC for more complete information about
the Company and the offering. You may obtain these documents for
free by visiting EDGAR on the SEC’s website at www.sec.gov.
Alternatively, copies of the prospectus supplement and the
prospectus may be obtained from BofA Securities, Inc., Attention:
Prospectus Department, 200 North College Street, NC1-004-03-43,
Charlotte, North Carolina 28255, email:
dg.prospectus_requests@baml.com; J.P. Morgan Securities LLC, 383
Madison Avenue, New York, New York 100179, attn Investment Grade
Syndicate Desk, Tel. 212-834-4533; Morgan Stanley & Co. LLC,
Attention: Prospectus Department, 1585 Broadway, 29th Floor, New
York, New York 10036, email: prospectus@morganstanley.com; RBC
Capital Markets, LLC, Attention: DCM Transaction Management,
Brookfield Place, 200 Vesey Street, 8th Floor, New York, New York
10281, email: rbcnyfixedincomeprospectus@rbccm.com; UBS Securities
LLC, Attention: Prospectus Department, 1285 Avenue of the Americas,
New York, New York 10019; Keefe, Bruyette & Woods, Inc., a
Stifel Company, Attention: Capital Markets, 787 Seventh Avenue, 4th
Floor, New York, New York 10019, email: USCapitalMarkets@kbw.com;
or Citigroup Global Markets Inc., c/o Broadridge Financial
Services, 1155 Long Island Avenue, Edgewood, New York 11717,
telephone: 1-800-831-9146 or email: prospectus@citi.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy shares of the Preferred Stock, nor
shall there be any sale of these securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction.
ABOUT NEW RESIDENTIAL
New Residential is a leading provider of capital and services to
the mortgage and financial services industry with a proven track
record of returns and performance. The Company’s mission is to
generate attractive risk-adjusted returns in all interest rate
environments through a portfolio of investments and operating
businesses. With approximately $45 billion in assets as of December
31, 2019, New Residential has built a diversified,
hard-to-replicate portfolio with high-quality investment strategies
that have generated returns across different interest rate
environments over time. New Residential’s portfolio is composed of
mortgage servicing related assets (including investments in
operating entities consisting of servicing, origination, and
affiliated businesses), residential securities (and associated
called rights) and loans, and consumer loans. New Residential’s
investments in operating entities include its mortgage origination
and servicing subsidiary, NewRez, and its special servicing
division, Shellpoint Mortgage Servicing, as well as investments in
affiliated businesses that provide services that are complementary
to the origination and servicing businesses and other portfolios of
mortgage related assets. Since inception in 2013, New Residential
has a proven track record of performance, growing and protecting
the value of its assets while generating attractive risk-adjusted
returns and delivering approximately $3.3 billion in dividends to
shareholders. New Residential is organized and conducts its
operations to qualify as a real estate investment trust (“REIT”)
for federal income tax purposes. New Residential is managed by an
affiliate of Fortress Investment Group LLC, a global investment
management firm, and headquartered in New York City.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to, statements relating to the offering and the intended
use of proceeds of the offering. These statements are based on
management’s current expectations and beliefs and are subject to a
number of trends and uncertainties that could cause actual results
to differ materially from those described in the forward-looking
statements, many of which are beyond our control. The Company can
give no assurance that its expectations will be attained.
Accordingly, you should not place undue reliance on any
forward-looking statements contained in this press release.
For a discussion of some of the risks and important factors that
could affect such forward-looking statements, see the sections
entitled “Risk Factors” in the prospectus supplement and the
prospectus related to the offering and in the Company’s most recent
Annual Report on Form 10-K, as well as the sections entitled
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” incorporated by reference in the prospectus
supplement related to the offering from the Company’s most recent
Annual Report on Form 10-K. In addition, new risks and
uncertainties emerge from time to time, and it is not possible for
the Company to predict or assess the impact of every factor that
may cause its actual results to differ from those contained in any
forward-looking statements. Such forward-looking statements speak
only as of the date of this press release. The Company expressly
disclaims any obligation to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the Company’s expectations with regard
thereto or change in events, conditions or circumstances on which
any statement is based.
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Investor Relations Kaitlyn Mauritz 212-479-3150
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