Five Oaks prices IPO at $15, as expected
Five Oaks Investment, an XL-backed mortgage REIT focused on Agency and non-Agency RMBS, raised $60 million by offering 4.0 million shares at $15, as expected. The company concurrently sold 1.7 million shares in a private placement to XL. Five Oaks Investment plans to list on the NYSE under the symbol OAKS. Barclays, Credit Suisse, UBS Investment Bank acted as lead managers on the deal.