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New Century Announces Pricing of Public Offering
Company Shares to Begin Trading on the New York Stock Exchange Under Symbol
'NEW'
IRVINE, Calif., Oct. 1 /PRNewswire/ -- New Century Financial Corporation
(NYSE:NEW), the nation's largest mortgage real estate investment trust, today
announced that it has priced a public offering of 13.5 million shares of its
common stock at $58 per share, for a total offering of $783 million. New
Century has granted the underwriters an option, exercisable for 30 days, to
purchase up to 2.025 million additional shares of its newly issued common stock
to cover over-allotments, if any.
UBS Securities LLC and Friedman, Billings, Ramsey & Co., Inc. are the joint
book-running managers of the offering. Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Morgan Stanley & Co. Incorporated are co-lead managers of the
offering, and Flagstone Securities LLC, Jefferies & Company, Inc., JMP
Securities LLC and Piper Jaffray & Co. are co-managers.
The newly issued shares will begin trading today on the New York Stock Exchange
under the symbol "NEW."
A registration statement relating to these securities has been filed by New
Century (formerly known as New Century REIT, Inc.) with, and declared effective
by, the Securities and Exchange Commission. This communication shall not
constitute an offer to sell or the solicitation of an offer to buy, nor shall
there be any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state.
Copies of the final prospectus relating to the offering may be obtained from
UBS Securities LLC, Prospectus Department, 299 Park Avenue, New York, New York
10171 or Friedman, Billings, Ramsey & Co., Inc., 1001 Nineteenth Street North,
18th Floor, Arlington, Virginia 22209.
About New Century
New Century Financial Corporation is the nation's largest mortgage real estate
investment trust, providing first and second mortgage products to non-prime
borrowers nationwide through its operating subsidiaries. New Century is
committed to serving the communities in which it operates with fair and
responsible lending practices. To find out more about New Century, please
visit http://www.ncen.com/.
Safe Harbor Regarding Forward-Looking Statements
Certain statements contained in this press release may be deemed to be
forward-looking statements under federal securities laws and New Century
intends that such forward-looking statements be subject to the safe-harbor
created thereby. Such forward-looking statements include, but are not limited
to, that New Century will complete the offering. New Century cautions that
these statements are qualified by important factors that could cause actual
results to differ materially from those reflected by the forward-looking
statements. Such factors include, but are not limited to, (i) the condition of
the U.S. economy and financial system, (ii) the interest rate environment,
(iii) the stability of residential property values, (iv) the potential effect
of new state or federal laws or regulations, (v) the effect of increasing
competition in New Century's sector, (vi) New Century's ability to maintain
adequate financing facilities, (vii) the outcome of litigation or regulatory
actions pending against New Century, and (viii) the risks identified in the
Annual Report on Form 10-K, as amended, for the year ended December 31, 2003,
filed by New Century's predecessor, New Century TRS Holdings, Inc., and New
Century's (and its predecessor's) other periodic filings with the Securities
and Exchange Commission. New Century assumes no obligation to update the
forward-looking statements contained in this press release.
DATASOURCE: New Century Financial Corporation
CONTACT: Carrie Marrelli, VP, Investor Relations, +1-949-224-5745, or
Erin Freeman, VP, Corporate Communications, +1-949-862-7624, both of New
Century Financial Corporation
Web site: http://www.ncen.com/