Two Harbors Investment Corp (TWO)

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TWO takes 47% stake in new IPO - To be listed on the NYSE

Silver Bay Realty Trust Begins IPO Of 13.25 Mln Common Shares - Quick Facts
12/4/2012 11:53 AM ET
Silver Bay Realty Trust Corp. announced Tuesday that it has commenced an initial public offering of 13.25 million shares of common stock at an anticipated initial public offering price of between $18.00 and $20.00 per share. Silver Bay stated that it intends to list its common stock on the New York Stock Exchange under the symbol "SBY."

In addition, the underwriters will have a 30-day option to purchase from Silver Bay up to an additional 1.99 million0 shares of common stock, at the initial public offering price.

Additionally, Silver Bay has entered into contribution and merger agreements through which it 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 Corp., a publicly traded REIT (TWO: Quote), and Provident Real Estate Advisors LLC, a private capital management firm, in exchange for equity interests in Silver Bay or its operating subsidiary, or cash.

Silver Bay noted that it intends to use the net proceeds of the offering to purchase additional single-family properties, to renovate such properties for rental to tenants and for working capital.