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Arlington Asset, subsidiary price stock offering

Arlington Asset Investment, subsidiary price offering of FBR Capital Markets Corp. shares

  • On 9:16 am EDT, Friday October 23, 2009

ARLINGTON, Va. (AP) -- Arlington Asset Investment Corp. and subsidiary FBR Securities Investment HY LLC said Friday that they priced a secondary public offering of 12.8 million shares of FBR Capital Markets Corp. at $6 per share.

Arlington currently holds a 23.2 percent stake in FBR and anticipates proceeds of about $73.1 million from the offering. FBR said on Tuesday that it will not receive any proceeds from the sale.

The underwriters were given a 30-day option to buy up to an additional 1.9 million shares to cover any overallotments. There will be an additional $11 million in proceeds if the underwriters' option is fully exercised.

FBR Capital Markets shares rose 32 cents, or 5.3 percent, to $6.35 in premarket trading.

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