New Residential Investment Corp. (NYSE: NRZ) (“New Residential” or the
“Company”) announced today the pricing of a public offering of
50,000,000 shares of its common stock at a public offering price of
$15.25 per share. The size of the offering was upsized from 40,000,000
shares to 50,000,000 shares. The Company is selling 21,713,020 shares
for gross proceeds of approximately $331 million. The selling
stockholder, Home Loan Servicing Solutions, Ltd. (the “Selling
Stockholder”), is selling 28,286,980 shares at the public offering
price. The Company will not receive any proceeds from the sale of the
shares by the Selling Stockholder. As previously disclosed, the shares
being sold by the Selling Stockholder were a portion of the
consideration paid by the Company for its acquisition of substantially
all of the assets of the Selling Stockholder. The offering is expected
to close on April 13, 2015, subject to customary closing conditions.
In connection with the offering, the underwriters will have an option
for 30 days to purchase up to an additional 7,500,000 shares of common
stock from the Company.
The Company intends to use the net proceeds from this offering for
general corporate purposes, including to make a variety of investments,
which may include, but is not limited to, investments in Excess MSRs,
servicer advances, real estate securities and real estate related loans,
or to repay indebtedness or other obligations.
Citigroup, Barclays, BofA Merrill Lynch and Credit Suisse are the joint
book-running managers for the offering. The offering is being made
pursuant to the Company’s existing effective shelf registration
statement, previously filed with the Securities and Exchange Commission
(the “SEC”). The offering is being made only by means of a prospectus
and a related prospectus supplement. Copies of the prospectus and
prospectus supplement may be obtained from: Citigroup, Attention: c/o
Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, New
York, 11717, or by phone at (800) 831-9146; Barclays Capital Inc., c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY,
11717, Telephone: (888) 603-5847, Email: barclaysprospectus@broadridge.com;
BofA Merrill Lynch, Attention: Prospectus Department, 222 Broadway, New
York, NY 10038, Email: dg.prospectus_requests@baml.com;
or Credit Suisse Securities (USA) LLC, Attention: Prospectus Department,
One Madison Avenue, New York, New York 10010, Telephone: (800) 221-1037,
Email: newyork.prospectus@credit-suisse.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy shares of common stock, nor shall there
be any sale of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
ABOUT NEW RESIDENTIAL
New Residential focuses on opportunistically investing in, and
actively managing, investments related to residential real estate. The
Company primarily targets investments in mortgage servicing related
assets and other related opportunistic investments. New Residential is
organized and conducts its operations to qualify as a real estate
investment trust (“REIT”) for federal income tax purposes. The Company
is managed by an affiliate of Fortress Investment Group LLC (NYSE: FIG),
a global investment management firm.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, including, but not limited to, statements
relating to the offering, including the expected closing date and
intended use of proceeds. These statements are based on management’s
current expectations and beliefs and are subject to a number of trends
and uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements, many of which
are beyond our control. The Company can give no assurance that its
expectations will be attained. Accordingly, you should not place undue
reliance on any forward-looking statements contained in this press
release.
For a discussion of some of the risks and important factors that
could affect such forward-looking statements, see the sections entitled
“Risk Factors” in the prospectus supplement related to the offering and
“Management’s Discussion and Analysis of Financial Condition and Results
of Operations” incorporated by reference in the prospectus supplement
related to the offering from the Company’s Annual Report on Form 10-K.
In addition, new risks and uncertainties emerge from time to time, and
it is not possible for the Company to predict or assess the impact of
every factor that may cause its actual results to differ from those
contained in any forward-looking statements. Such forward-looking
statements speak only as of the date of this press release. The Company
expressly disclaims any obligation to release publicly any updates or
revisions to any forward-looking statements contained herein to reflect
any change in the Company’s expectations with regard thereto or change
in events, conditions or circumstances on which any statement is based.
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