Ellington Financial dips on stock offering
13/10/2021 12:01
** Ellington Financial EFC.N shares down >3% premarket
after mortgage REIT prices follow-on
** EFC sells 5 mln shares, raises ~$91.3 mln to acquire
targeted assets, including residential and commercial mortgage
loans, mortgage-backed securities urn:newsml:reuters.com:*:nBwb3htvMa
** Offering prices at $18.25, 3.3% discount to stock's last
close
** Co late Tues said its estimated book value/sh was between
$18.31-$18.37 at end-Sept
** EFC has ~51.12 mln shares outstanding for roughly $950
mln market cap, per Refinitiv data
** Morgan Stanley, BofA, JP Morgan, UBS and KBW jt
bookrunners for offering
** Shares have risen 27% YTD
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))