Ellington Residential Mortgage REIT (EARN) announced that it the pricing of its initial public offering of 6.45 million common shares at a price to the public of $20.00 per share.
Total gross proceeds to the Company of the initial public offering will be $129 million. The company has also granted the underwriters a 30-day option to purchase up to an additional 967,500 common shares to cover overallotments, if any.
EARN's common shares are expected to begin trading today on the New York Stock Exchange under the ticker symbol "EARN."
The Company said it expects to close the offering on or about May 6, 2013, subject to the satisfaction of customary closing conditions. The company plans to use the net proceeds from the offering, together with additional borrowings, to purchase its target assets.
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