NEW YORK (AP) -- CYS Investments Inc. said Friday that it priced an underwritten public offering of 25 million shares of its common stock at $13.28 per share.
The price represents a 3.4 percent discount to the New York-based real estate investment trust's Thursday closing stock price of $13.75. CYS shares fell 37, or 2.7 percent, to $13.38 in morning trading.
The company also granted the underwriters of the offering a 30-day option to buy up to an additional 3.75 million shares to cover possible overallotments. The offering is subject to customary conditions and is expected to close on Wednesday.
CYS plans to use the proceeds from the offering to invest in Agency RMBS and for general corporate purposes.
Credit Suisse Securities USA LLC, Barclays Capital Inc., Deutsche Bank Securities Inc., UBS Securities LLC, and BofA Merrill Lynch are the offering's joint underwriters.
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