October 13, 2010 (FinancialWire) — Ellington Financial LLC (NYSE: EFC), a specialty finance company that specializes in acquiring and managing mortgage-related assets, has priced its initial public offering of 4.5 million common shares at a price of $22.50 per share. Deutsche Bank Securities Inc. (NYSE: DB) is acting as sole book-running manager.

Ellington has also granted the underwriters a 30-day option to purchase an additional 675,000 common shares from Ellington Financial LLC to cover any over-allotments.  

The company said it expected to see gross proceeds of around $101.25 million, assuming the underwriters' over-allotment option is not exercised.

New York-based Ellington plans to use a substantial portion of the net proceeds from the offering to acquire non-agency and agency residential mortgage backed securities and other targeted assets, including derivatives, and to use the balance of the net proceeds, if any, for working capital and general corporate purposes.

The offering is scheduled to close on October 14.

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