- Redwood Trust ( NYSE: RWT ) shares gained on Tuesday after the company priced an underwritten public offering of 2.6M shares of its 10.00% Series A Fixed-Rate Reset Cumulative Redeemable Preferred Stock to raise $65M in gross proceeds.
- The underwriters were granted a 30-day option to purchase up to an additional 390,000 shares of Series A Preferred Stock to cover over-allotments.
- Net proceeds from this offering will be used for general corporate purposes, which may include (i) the repurchase or repayment of all or a portion of 4.75% convertible senior notes due 2023, (ii) the repurchase or repayment of a portion of 5.625% convertible senior notes due 2024, 5.75% exchangeable senior notes due 2025, or 7.75% convertible senior notes due 2027, and/or (iii) funding of business and investment activity.
- The offering is expected to close on January 18, 2023.
- Redwood ( RWT ) plans to apply to list the Series A Preferred Stock on the NYSE under the symbol "RWT PRA."
For further details see:
Redwood Trust prices $65M preferred stock offering