WCI insiders selling stock

BONITA SPRINGS — Two large shareholders of WCI Communities plan to sell shares of the residential development company in a secondary stock offering, the company announced.

Monarch Alternative Capital and Stonehill Institutional Partners plan to sell 3.25 million shares of Bonita Springs-based WCI. The underwriters have the option to buy an additional 487,500 shares from the shareholders. The price or timing of the sale was not disclosed in a public filing on Monday.

Shares of WCI trade on the New York Stock Exchange under the symbol WCIC. The closing price on Monday was $23.73 per share.

Even after the sale of stock and the underwriters' option to buy more shares, Monarch and Stonehill will remain significant shareholders in WCI, with 20.4% and 18.8% ownership of shares outstanding, respectively. WCI, which will not sell any shares or receive any portion of the proceeds, will have 26.1 million shares of stock outstanding after the offering.

Underwriters for the secondary offering include Credit Suisse, Citigroup, J.P. Morgan, Raymond James, Zelman Partners, FBR and JMP Securities.