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Silver Bay Realty Prices IPO At $18.50/share

12/14/2012 9:50 AM ET

Silver Bay Realty Trust Corp. (SBY: Quote) said Friday that it has priced its initial public offering of 13.25 million shares of common stock at $18.50 per share, within its expected price range of $18.00 to $20.00 per share. The company expects its shares to begin trading on the New York Stock Exchange today under the symbol "SBY."

Silver Bay Realty has granted the underwriters a 30-day option to buy up to an additional 1,987,500 additional shares of its common stock to cover over-allotments.

Silver Bay is a newly organized REIT formed to acquire single-family properties in the U.S. The company intends to use the net proceeds of the offering to purchase additional single-family properties, to renovate such properties for rental to tenants and for working capital.

Concurrent with the closing of the offering, Silver Bay will acquire an initial portfolio of more than 3,100 single-family residential properties through entities associated with real estate investment trust Two Harbors Investment Corp. (TWO: Quote) and Provident Real Estate Advisors LLC, a private capital management firm.

In exchange, Two Harbors and Provident Real Estate Advisors will receive equity interests in Silver Bay or its operating subsidiary, or cash.

Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, and J.P. Morgan are acting as joint book-running managers for the offering, while Keefe, Bruyette & Woods, RBC Capital Markets, JMP Securities and Zelman Partners LLC are acting as co-managers.

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by RTT Staff Writer

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