Ellington Financial Prices Public Offering of Preferred Stock
Vinson & Elkins advised Ellington Financial, Inc. in connection with its underwritten public offering of 4,000,000 shares of 6.750% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, with a liquidation preference of $25.00 per share, for gross proceeds of $100 million before deducting underwriting discounts and estimated offering expenses.
The offering priced on October 16, 2019 and is expected to
close on or about October 22, 2019.
Ellington Financial invests in a diverse array of financial
assets, including residential and commercial mortgage-backed securities,
residential and commercial mortgage loans, consumer loans and asset-backed
securities backed by consumer loans, collateralized loan obligations,
non-mortgage and mortgage-related derivatives, equity investments in loan
origination companies and other strategic investments.
The V&E corporate team was led by partners
Daniel LeBey and Chris Green, with assistance from senior associate Zach Swartz
and associates Caroline Bailey and Bekah Briggs.