Ellington Financial falls after pricing downsized stock deal
07/07/2021 10:58
** Ellington Financial EFC.N down ~4% premarket as
mortgage REIT prices follow-on
** Co sells 6 mln shares at $18.22, raises ~$109 mln to
acquire targeted assets, including residential and commercial
mortgage loans urn:newsml:reuters.com:*:nBw2WzCb9a
** Offering size reduced from 7.5 mln shares, prices at 3.5%
discount to stock's last sale
** EFC last month estimated its book value/sh was $18.23 at
end-May
** Co has ~43.78 mln shares outstanding for ~$827 mln market
cap, per Refinitiv data
** Morgan Stanley, UBS, BofA, JMP Securities and KBW jt
bookrunners for offering
** EFC shares have risen 27% YTD. Stock plunged as low as
$3.24 in Mar 2020 when the pandemic roiled the mREIT sector
(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))