Colony Financial's headquarters is in Los Angeles.

LOS ANGELES—Colony Financial has priced 15 million shares of common stock. The company expects to earn $336 million from the public offering after accounting for underwriting discounts and commissions. The offering is scheduled to close on July 22, 2014.

Colony Financial will use a portion of the proceeds from the offering to pay outstanding debt from the company’s revolving credit facility. The remainder of the proceeds will be used for general corporate purposes, including purchasing target assets that are in line with the company’s investment strategy.

Colony Financial’s public offering includes an option for underwriters to purchase up to an additional 2,250,000 shares. Additionally, the underwriters may offer the shares at standard market prices intermittently through the New York Stock Exchange. These exchanges can be done on the over-the-counter market or through negotiated transactions. Joint book-running managers include Bank of America Merrill Lynch, J.P. Morgan, Barclays, Credit Suisse and Deutsche Bank Securities.

This is Colony Financial’s second public offering. The company priced a public offering of 3 million shares of common stock in June at $25 per share with a 30-day underwriting option to purchase an additional 450,000 shares. Colony earned approximately $72.4 million from the offering.