New Century Increases Size of Its Stock Offer

Irvine mortgage company New Century Financial Corp. said its secondary stock offering has been increased, with shares offered at $11.

The company said 3.5 million shares are being offered, up from 3.2 million, with 300,000 offered by certain stockholders.

New Century said the underwriters have a 30-day option to purchase up to 525,000 additional shares from the company to cover any overallotments.

The company plans to use net proceeds for general corporate purposes.

The stock on Wednesday moved up 76 cents to $12.30 on Nasdaq.