Freddie Mac on Tuesday priced its offering of 15 million shares of common stock at $58.625.

Gross proceeds from the sale, expected on Friday, would be about $879 million, of which Freddie would net about $855 million.

Freddie, which announced the plans for the offering Nov. 3, has said it will use the money to fund its investment and securitization businesses and to buy back $450 million in callable preferred stock.

Analysts said the offering would be good for earnings, capital management, and stock appreciation, noting that Freddie was one of the few companies whose shares were strong enough to issue common stock.

Goldman, Sachs & Co is the lead manager.

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