LOS ANGELES—Colony Financial has priced 15million shares of common stock. The companyexpects to earn $336 million from the publicoffering after accounting for underwriting discounts andcommissions. The offering is scheduled to close on July 22,2014.
Colony Financial will use a portion of the proceeds from theoffering to pay outstanding debt from the company's revolvingcredit facility. The remainder of the proceeds will be used forgeneral corporate purposes, including purchasing target assets thatare in line with the company's investment strategy.
Colony Financial's public offering includes an option forunderwriters to purchase up to an additional 2,250,000 shares.Additionally, the underwriters may offer the shares at standardmarket prices intermittently through the New York StockExchange. These exchanges can be done on theover-the-counter market or through negotiated transactions. Jointbook-running managers include Bank of America MerrillLynch, J.P. Morgan,Barclays, Credit Suisse andDeutsche Bank Securities.
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