Mortgage REIT Five Oaks alters the structure of its IPO

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Five Oaks Investment, an XL-backed mortgage REIT focused on Agency and non-Agency RMBS, changed the structure of its IPO on Wednesday. The company now plans to sell 4.0 million shares in its IPO and 1.7 million shares to XL in a separate, concurrent private placement. Originally, the company had planned a 5.7 million share IPO, which included XL's purchase of 1.7 million shares. As such, the amount of capital raised by the company remains at $85.5 million and the public post-IPO float remains at $60.5 million, even though the size of the IPO technically drops by 29%. The change was apparently made in response to a comment from the Staff of the SEC.

Five Oaks Investment, which was founded in 2012 and booked $6 million in sales for the 12 months ended 12/31/2012, plans to list on the NYSE under the symbol OAKS. Five Oaks Investment initially filed confidentially on 10/19/2012. Barclays, Credit Suisse, UBS Investment Bank and Keefe, Bruyette & Woods are the joint bookrunners on the deal.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: News Headlines , IPOs

Referenced Stocks: OAKS

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