MFA Financial (MFA) in 65 Million Share Offering

MFA Financial (NYSE:MFA) announced it is making public offering of 65 million shares of its common stock, with a 30-day option to underwriters to acquire an additional 9.8 million shares.

Net proceeds of the fund, according to MFA, will be used to repay buybacks and other purposes for their working capital, as well as to purchase more mortgage-backed securities.

Lower income on the mortgage-backed securities of the company resulted in a drop of net income of 22 percent in the fourth quarter, prompting the decision.

MFA Financial closed Tuesday at $8.30, down $0.19, or 2.24 percent.