Saxon Joins Growing List of IPO Filers

NEW YORK CITY-Add Saxon Capital to the expanding list of real estate industry companies that are filing initial public offerings. The Glen Allen, VA-based residential mortgage lending and servicing company priced its common stock offering of Saxon REIT, which was formed last week to acquire Saxon Capital. In total, the company expects 17 million shares will be sold at $22.75 per share. It began trading today under the symbol “SAXND.”

The company expects to raise approximately $386.8 million and the offering is scheduled to close on Sept. 24. Friedman, Billings, Ramsey & Co., Inc. is the sole book runner and lead manager; Credit Suisse First Boston LLC, JP Morgan Securities Inc. and Jefferies & Co. Inc. are co-managers. Saxon’s production subsidiaries, Saxon Mortgage Inc., and America’s MoneyLine Inc. originate and purchase loans through wholesale, correspondent and retail business channels. As of June 30, Saxon Mortgage serviced a mortgage loan portfolio of $11.4 billion.

Earlier this month, GlobeSt.com reported that Las Vegas Sands Corp., an affiliate of Las Vegas Sands Inc., filed a registration statement for its IPO which is expected to raise $350 million. The company intends to use the proceeds for general corporate purposes and working capital on development projects in Asia, the UK and other jurisdictions. The company owns and operates the Venetian Casino Resort and the Sands Expo and Convention Center in Las Vegas, and the Sands Macao Casino in Macau, China. It also is developing a Venetian Casino Resort in Macau and the Palazzo Casino Resort next to the existing Venetian property in Las Vegas. Its filing with the SEC did not include the number of shares to be issued or the price at which they would be offered.