LOS ANGELES—Colony Financial has priced 3million shares of 7.5% series B cumulative redeemable perpetualpreferred stock valued at $75 million. Theoffering includes a liquidation preference of $25 per share and a30-day underwriting option to purchase an additional 450,000shares.

Colony Financial expects to earn $72.4 million in proceeds,calculated after underwriting discounts and commissions have beenpaid. It will use these proceeds to repay any outstanding debt fromits secured revolving credit facility. With the underwritersoverallotment option, however, the company could earn as much as$83.3 million. Any additional net proceeds acquired afterrepayments are made will be dedicated toward acquiring its targetassets. Colony Financial is focused on acquiring a distressedassets in secondary markets or new originations. TheREIT recently purchased the Ritz-Carlton, KapaluaResort, a 54-acre oceanfront property in Hawaii. Theproperty was purchased in partnership with WoodridgeCapital Partners LLC.

Barclays, Merrill Lynch,Pierce, Fenner & Smith Inc.,J.P. Morgan and UBS SecuritiesLLC are acting as book-runners for the offering, whileKeefe, Bruyette & Woods is acting asco-manager. Under customary closing conditions, the offering willclose on June 19.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.