NEW YORK, May 17 /PRNewswire-FirstCall/ -- NorthStar Realty Finance Corp. announced today that it has priced an underwritten public offering of an additional 1,400,000 shares of 8.25% Series B Cumulative Redeemable Preferred Stock at a price of $25.00 per share, increasing the number of Series B shares outstanding to 7,600,000. Gross proceeds of this offering totaled $35,000,000, bringing total proceeds from the sale of the Series B Preferred Stock to $190,000,000. The shares of Series B Preferred Stock have a liquidation preference of $25.00 per share and will be redeemable at par at the option of the Company on or after February 7, 2012. The closing of the offering is subject to customary conditions and is expected to occur on May 24, 2007.
Wachovia Securities is the sole book running manager for the offering and RBC Capital Markets and Stifel Nicolaus are the co-managers for the offering, The underwriters have been granted a 30-day over-allotment option to purchase up to a maximum of 210,000 additional shares of 8.25% Series B Cumulative Redeemable Preferred Stock to cover over-allotments.
The offering of the shares of 8.25% Series B Cumulative Redeemable Preferred Stock will be made only by means of a prospectus supplement and accompanying prospectus. When available, copies of the prospectus supplement and accompanying prospectus may be obtained from Wachovia Securities, ATTN: Prospectus Department, 8739 Research Drive, Charlotte, North Carolina 28262, or by calling 866-289-1262.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the 8.25% Series B Cumulative Redeemable Preferred Stock, and none of the 8.25% Series B Cumulative Redeemable Preferred Stock may be sold in any state in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
About NorthStar Realty Finance Corp.
NorthStar Realty Finance Corp. is an internally managed REIT that primarily originates and invests in commercial real estate debt, real estate securities and net lease properties. For more information about NorthStar Realty Finance Corp., please visit http://www.nrfc.com/.
Safe Harbor Statement
Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward- looking statements; NorthStar Realty can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from NorthStar Realty's expectations include, but are not limited to, changes in economic conditions generally and the real estate and bond markets specifically, legislative or regulatory changes (including changes to laws governing the taxation of REITs), availability of capital, interest rates and interest rate spreads, policies and rules applicable to REITs, the continued service of key management personnel, the effect of competition in the real estate finance industry, the costs associated with compliance and corporate governance, including the Sarbanes-Oxley Act and related regulations and requirements, and other risks detailed from time to time in NorthStar Realty's SEC reports. Factors that could cause actual results to differ materially from those in the forward-looking statements are specified in the NorthStar Realty's Annual Report on Form 10-K for the year ended December 31, 2006. Such forward-looking statements speak only as of the date of this press release. NorthStar Realty expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
