logo
  Join        Login             Stock Quote

Five Oaks Investment Expects IPO Price Of $15/Shr, Raising $85.5M

 March 14, 2013 11:18 AM
 


(By Balachander) Five Oaks Investment Corp., an investor in mortgage-backed securities, plans to sell 5.7 million shares at $15 apiece to raise $85.5 million in an initial public offering (IPO) of its stock. 

The company, which had earlier filed to raise up to $115 million from the IPO, is managed by Oak Circle Capital Partners LLC, in which a subsidiary of XL Group Plc (NYSE: XL) holds a minority stake.

Five Oaks commenced operations in May 2012 after raising $26.2 million net proceeds in a private placement.

Oak Circle has increased Five Oaks' net asset value from $26.2 million to $32.3 million as of Dec. 31, 2012, representing a 23.3 percent increase, Five Oaks disclosed in a regulatory filing.

[Related -Partnerre Ltd: Sentiment Should Improve Further]

The company plans to use the net proceeds from the offering to purchase Agency and Non-Agency RMBS, which are mortgage-backed securities that are collateralized by residential mortgages.

As of Dec. 31, 2012, Five Oaks owned $81.0 million of RMBS on a GAAP basis.

Five Oaks plans to list on the New York Stock Exchange (NYSE) under the symbol "OAKS." It had previously planned to list on the NYSE under the symbol "FOIC."

Barclays and Credit Suisse are are lead underwriters to the offering.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageChart Says This Retailer's Comeback Isn't Finished

One of the surprises, at least on the surface, of the market's recent swoon was the outperformance of read on...

article imageETF Performance Review: Major Asset Classes | 19 Dec 2014

It’s all about real estate investment trusts (REITs) these days when it comes to bullish performance among read on...

article imageOil and Global Stock Markets Rebounding Sharply

So far so good on our expectation of a 4 to 5% pullback and then a resumption of the bull read on...

article imageGrading the FOMC

Love its members or loathe them, you have to admire the gradual impact the policy-making committee has had read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.