Long Beach Financial’s Underwriters Buy Stake
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ORANGE — Underwriters of Long Beach Financial Corp.’s initial public offering exercised an option to acquire nearly 2.5 million shares--all the remaining stock held by the company’s sole shareholder--for $6.50 each.
In a press release Friday, the company said the purchase brings the total number of shares sold in the offering to 25 million, or all its outstanding stock.
The company, through its Long Beach Mortgage Co. subsidiary, buys and sells sub-prime residential mortgage loans.
The underwriting group is managed by Friedman Billings Ramsey & Co. in Arlington, Va.
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