| Ocwen Asset Investment Corporation | |||
| Ticker: | OAIC | 1675 Palm Beach Lakes Boulevard | |
| Exchange: | NASDAQ-National Market | West Palm Beach, FL 33401 | |
| Industry: | Financial (SIC Code 6798) | (561) 681-8500 | |
| Type of Shares: | Common Shares | Filing Date: | 2/19/97 | |
| U.S. Shares: | 15,000,000 | Offer Date: | 5/14/97 | |
| Non-U.S. Shares: | 0 | Filing Price: | $16.00 | |
| Primary Shares: | 15,000,000 | Offer Price: | $16.00 | |
| Secondary Shares: | 0 | Gross Spread: | $1.12 | |
| Offering Amount: | $240,000,000 | Selling: | $0.66 | |
| Expenses: | - | Reallowance: | $0.10 | |
| Shares Out After: | 14,375,000 | |||
| Spin out parent firm: | Ocwen Financial Corporation | |||
| Manager | Tier | Phone |
| Friedman, Billings, Ramsey & Co., Inc. | Lead Manager | (703) 312-9571 |
| Issuer's Law Firm: | Hunton & Williams |
| Bank's Law Firm: | Simpson, Thacher & Bartlett |
| Auditor: | Price Waterhouse |
| Business Description |
| The company is a real estate investment trust. The company will invest in distressed real estate and mortgage assets. The company is a newly organized Virginia corporation that will elect to be taxed as a REIT under the Code. The company will be externally managed and advised. The company intends to enhance the value of its Common Stock by pursuing advantageous investments that capitalize on inefficiencies in the real estate and mortgage markets. The company's investments will include several categories of real estate and real estate related assets. In order to invest the net proceeds of the Offering as quickly as is appropriate and to provide current returns, the company expects initially to emphasize the acquisition of such assets as a long-term investment strategy, the company will take an opportunistic approach to its investments and, accordingly, the company may invest in Other Real Estate Related Assets at any time. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to purchase investment properties according to the objectives of the trust and for general corporate purposes. |