Silver Bay Realty Trust Corp. Announces Pricing of IPO Friday, December 14, 4:23 PM ET
Silver Bay Realty Trust announced today the pricing of its initial public offering of 13,250,000 shares of common stock at a price to the public of $18.50 per share. The underwriters have been granted a 30-day option to purchase up to an additional 1,987,500 shares of common stock to cover over-allotments, if any. The shares are expected to begin trading on the New York Stock Exchange on December 14, 2012 under the symbol 'SBY.'
Silver Bay will acquire, concurrent with the closing of the offering, an initial portfolio of more than 3,100 single-family residential properties through entities associated with Two Harbors Investment, a publicly traded REIT (NYSE:TWO), and Provident Real Estate Advisors, a private capital management firm, in exchange for equity interests in Silver Bay or its operating subsidiary, or cash.
Credit Suisse, Bank of America/Merrill Lynch, and J.P. Morgan are acting as joint book-running managers for the offering. Keefe, Bruyette & Woods, RBC Capital Markets, JMP Securities and Zelman Partners LLC are acting as co-managers for the offering.
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