Boston, MA 10/01/2013 (wallstreetpr) – Last week, Altisource Residential Corp (NYSE:RESI) announced the pricing of its underwritten public offering of 15 million common stock shares at $12/share. The company intends to use the proceeds from this offering to buy sub-performing and non-performing, residential mortgage loans. It will also be used for general corporate purposes. Altisource has granted underwriters a 30 day option to buy an additional 2,187,000 common stock shares in connection with this offering. The offering is expected to close on October 1, 2013. It is subject to all the customary closing conditions.
Citigroup Global Markets, Credit Suisse Securities, Deutsche Bank Securities, J.P. Morgan Securities and Wells Fargo Securities are the joint book running managers for Altisource Residential’s public offering. JMP Securities, Keefe, Bruyette & Woods and Piper Jaffray & Co will be the co-managers
Mondays trading
In Monday’s trading session, Altisource Residential Corp (NYSE:RESI) rose by 0.31%. The company’s shares opened at a price of $22.75, climbed to an intraday high of $23.34 and dropped to a close of $22.98. Approximately 0.805 million shares were traded on Monday while an average volume of 0.530 million shares were traded over 30 days. The 52-week low of the shares is $13.50 while the 52-week high is $23.34. Altisource Residential Corp (NYSE:RESI) has a market capitalization of $576.11 million.
About the company
Altisource is a development stage company. It is involved acquiring and owning single family rental-assets. Its main sourcing-strategy to acquire these various assets includes purchasing sub-performing as well as non-performing mortgages and single family homes at or post their foreclosure sale.
Altisource intends to pursue different opportunities to acquire single-family rental assets across the United States. Altisource Asset Management Corporation manages Altisource. On 21 December 2012, Altisource Residential Corporation’s completed its spin-off from Altisource Portfolio Solutions S.A.
