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.
Credit Suisse's eponymous securities unit is the lead book-running manager for the issue. Bank of America unit Merrill Lynch and Goldman Sachs are also book runners.
The issue is anticipated to close on or around March 22.