Downey Financial to Sell Securities

The holding company for Downey Savings & Loan said Tuesday it has registered to sell $300 million in securities.

In a filing with regulators, Downey Financial Corp. in Newport Beach said it will sell the securities when market conditions are favorable or when financing needs arise.

Terms of the securities, which will be offered in the form of common and preferred stock, debt securities and capital securities, are usually made available at the time of the sale.

The company will use the net proceeds from the sale for general corporate purposes, including investments in its subsidiaries, working capital and repayment of debts, the Securities and Exchange Commission filing said.

Shares of Downey fell 19 cents to $44.50. The shares have more than doubled so far this year.