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Silver Bay Realty Trust (SBY) Commences 13.25M IPO; Sees Price of $18 - $20/Share

December 4, 2012 11:30 AM EST Send to a Friend
Silver Bay Realty Trust Corp. (NYSE: SBY) has commenced an initial public offering of 13,250,000 shares of common stock at an anticipated initial public offering price of between $18.00 and $20.00 per share. In addition, the underwriters will have a 30-day option to purchase from Silver Bay up to an additional 1,987,500 shares of common stock, at the initial public offering price. Silver Bay intends to list its common stock on the New York Stock Exchange under the symbol “SBY.”

In addition, Silver Bay has entered into contribution and merger agreements through which it will acquire, concurrent with the closing of the offering, an initial portfolio of more than 3,100 single-family residential properties through entities associated with Two Harbors Investment Corp., a publicly traded REIT (NYSE: TWO), and Provident Real Estate Advisors LLC, a private capital management firm, in exchange for equity interests in Silver Bay or its operating subsidiary, or cash.

Silver Bay intends to use the net proceeds of the offering to purchase additional single-family properties, to renovate such properties for rental to tenants and for working capital.

Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, and J.P. Morgan are acting as joint book-running managers for the offering. Keefe, Bruyette & Woods, RBC Capital Markets, JMP Securities and Zelman Partners LLC are acting as co-managers for the offering.




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