NEW BUSINESS
Buffalo Wild Wings Inc., Golden Valley, has taken a minority position in PizzaRev, a Los Angeles-based artisan pizza concept. Terms of the deal were not disclosed. PizzaRev offers personal artisan pizzas with made-from-scratch pizza dough.
GWG Holdings Inc., Minneapolis, said its wholly owned subsidiary, GWG Life Settlements, was granted a viatical settlement provider license by the Florida Office of Insurance Regulation. The license allows GWG Life to purchase life insurance policies in the secondary market directly from owners residing in the state of Florida.
DEBT AND EQUITIES
Two Harbors Investment Corp., Minnetonka, said it plans to offer, subject to market and other conditions, 50 million common shares in an underwritten public offering. The company has also granted the underwriters an option for 30 days to purchase up to an additional 7.5 million common shares to cover overallotments. Credit Suisse Securities (USA) is acting as the lead book-running manager for the offering. Barclays Capital Inc., BofA Merrill Lynch and Goldman, Sachs & Co. are also acting as book-running managers. The company expects to use the net proceeds from this offering to make additional acquisitions of its target assets, including residential mortgage-backed securities, prime jumbo residential mortgage loans, credit-sensitive residential mortgage loans and mortgage-servicing rights and for other general corporate purposes. The company also declared a quarterly dividend of 32 cents per share of common stock, payable April 24 to common stockholders of record on April 2, as well as a special dividend to distribute the company's shares of Silver Bay Realty Trust Corp. common stock. The company also announced certain adjustments to the terms of its outstanding warrants as a result of the special dividend of Silver Bay common stock. The special committee of the company's board of directors has declared a special dividend pursuant to which the Silver Bay common stock will be distributed, on a pro rata basis, to Two Harbors stockholders of record at the close of business on April 2. As of March 17, there were 300.7 million shares of company common stock outstanding.
