Two Harbors (NYSE:TWO) has priced its upcoming public common stock offering. The company will sell 50 million of the shares at $13.46. Total gross proceeds are anticipated to be roughly $673 million. Additionally, Two Harbors has granted the issue's underwriters a 30-day option to buy up to an additional 7.5 million shares to cover overallotments, if any.
The company said it expects to use the net proceeds for "general corporate purposes" and to make acquisitions of "target assets." These include residential mortgage-backed securities, jumbo residential mortgage loans, and other such products.
The issue is anticipated to close on or around March 22.
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