New Residential Investment (NRZ) Prices 20M Share Stock Offering for Proceeds of ~$284M

August 11, 2016 6:51 AM EDT

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New Residential Investment Corp. (NYSE: NRZ;) announced that it priced its public offering of 20,000,000 shares of its common stock for gross proceeds of approximately $284.0 million. The underwriters may offer the shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. The offering is expected to close on August 16, 2016, subject to customary closing conditions.

In connection with the offering, the Company has granted the underwriters an option for a period of 30 days to purchase up to an additional 3,000,000 shares of common stock.

The Company intends to use the net proceeds from this offering (i) to fund a portion of its previously announced acquisitions of approximately $33 billion unpaid principal balance (“UPB”) of conventional mortgage servicing rights (“MSRs”) from Walter Investment Management Corp. (NYSE: WAC) (“Walter”) pursuant to an agreement, subject to certain closing conditions, and approximately $35 billion UPB of MSR representing substantially all of the assets of Walter Capital Opportunity, LP and its subsidiaries and certain related assets of Walter, based on an agreement in principle subject to the execution of definitive binding agreements (collectively, the “Walter Transactions”) and (ii) for general corporate purposes. In the event that all or any portion of the Walter Transactions are not completed, the Company intends to use the net proceeds from this offering for general corporate purposes, including, but not limited to, making additional investments.

Citigroup, Barclays, J.P. Morgan and UBS Investment Bank are acting as the underwriters for the offering.

The offering will be made pursuant to the Company’s effective shelf registration statement filed with the Securities and Exchange Commission (the “SEC”). The offering will be made only by means of a prospectus and a related prospectus supplement. Prospective investors should read the prospectus supplement and the prospectus in that registration statement and other documents the Company has filed or will file with the SEC for more complete information about the Company and the offering. You may obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of the prospectus and prospectus supplement may be obtained from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: (800) 831-9146; Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, email: Barclaysprospectus@broadridge.com, telephone: (800) 831-9146; J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204; or UBS Investment Bank, Attn: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, telephone: (888) 827-7275.



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