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NorthStar Realty Finance Corp. Message Board

  • dar200 dar200 Feb 22, 2013 4:37 PM Flag

    Net 7.94 on offering

    424B5 just filed

    Offer price = 8.39 - 26 underwriter discount = 8.13 - 18 immediate dividend = 7.95 - 1 cent for offering expenses (my guess) = 7.94 net net net, nicely accretive to book value however you define that.

    Sentiment: Strong Buy

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    • From 8-K just filed.
      On February 25, 2013, the Company issued and sold 34,500,000 shares of Common Stock pursuant to the Offering. The net proceeds to the Company from the Offering were approximately $280.2 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company.

      280.2/34.5 = 8.1217 minus 18 cent dividend = 7.9417. I was pretty close.

      280/ 825 for pending deal =33.9%. Hamo may put 40% in and borrow 60% to make borrowing easier and cheaper.

    • The divi went X on 7/21. Closing of the offering is expected to be 7/25 so they will not get the divi.

      • 2 Replies to sbrentb
      • What planet are you from?

      • Look at the Distribution Policy in the 424(b)(5):
        On February 13, 2013, we declared a quarterly dividend of $0.18 per share of common stock. The dividend is expected to be paid on March 1, 2013 to the stockholders of record as of the close of business on February 25, 2013. Investors in this offering who continue to hold shares of common stock purchased in this offering on the record date will be entitled to receive this dividend with respect to the shares purchased in this offering.

        Bottom line is NRF gets $8.13 - 0.18 - further fees. How this underwriter/broker thing actually works (e.g. short sales) is not material to this bottom line.

12.865-0.115(-0.89%)2:54 PMEDT