New Century Financial to Sell 3 Million Shares

Irvine lender New Century Financial Corp. said Monday it plans to sell 3 million shares of common stock in a secondary offering. The company will offer 2.7 million shares, and certain shareholders will offer the rest.

New Century said it would use its net proceeds for general corporate purposes. The underwriters will be granted a 30-day option to buy up to 450,000 additional shares from the company.

The acting lead manager of the offering will be Friedman Billings Ramsey & Co. Inc., with Jefferies & Co. Inc. and Advest Inc. as co-managers.

The stock closed at $11.10, off 5 cents a share, in Nasdaq trading.