Walter Investment Management (WAC) Closes Stock Offering; Raises $76.9M in Net Proceeds
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Walter Investment Management Corp. (Amex: WAC) announced today that it closed its common stock offering of 5,750,000 shares (which includes 750,000 shares of common stock purchased by the underwriters pursuant to their over-allotment option) at $14.25 per share.
Walter Investment expects the net proceeds from the offering, including the exercise of the over-allotment option, after deducting underwriting discounts and commissions and estimated offering expenses, to be approximately $76,900,000.
Net proceeds from the offering will be used to acquire residential loans and for other general corporate purposes. The joint bookrunning managers for the offering are Credit Suisse and SunTrust Robinson Humphrey. The co-managers for the offering are JMP Securities LLC, Keefe Bruyette & Woods, Sterne, Agee & Leach, Inc., FBR Capital Markets and Davenport & Company LLC.
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