Newcastle Investment Corp. (NCT) announced it plans to make a public offering of 40 million shares of common stock. The company also intends to grant the underwriters an option for 30 days to purchase up to an additional 6 million shares of common stock.
The company intends to use the net proceeds for general corporate purposes, including to make a variety of investments. The company said it may apply some or all of such proceeds to fund a co-investment in excess mortgage servicing rights on a portfolio with an unpaid principal balance of approximately $215 billion.
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