IRVINE, Calif. New Century Financial Corp. announced Monday that it has filed a registration statement with the Securities and Exchange Commission to sell three million shares of common stock to the public.
That would be $33.4 million worth at Fridays closing price of $11.15. New Century shares were trading at $11.09 at midday Monday.
The subprime lender said the offering will consist of 2.7 million shares that it owns and 300,000 owned by certain selling stockholders. The proceeds will be used for such purposes as an increase in its capital base to support an expansion of credit facilities and additional growth, New Century said.
Friedman Billings Ramsey & Co. Inc. will be the lead manager on the offering, with Jefferies & Co. Inc. and Advest Inc. acting as co-managers.