Homebuilder seeks to raise at least $70M

BONITA SPRINGS — Two major shareholders of WCI Communities plan to sell shares of the Florida homebuilder to the public in a secondary offering.

Monarch Alternative Capital and Stonehill Capital Management plan to sell 3.25 million shares of WCI stock. Credit Suisse and Citigroup will manage the offering.

Shares of Bonita Springs-based WCI (symbol: WCIC) closed at $24.29 on the NYSE Monday At that price the offering could generate $78.9 million.

Filings with the U.S. Securities and Exchange Commission didn't disclose the price per share of the offering or the date it will take place. However, WCI will not sell any shares or receive any part of the proceeds from the offering.