AG Mortgage Investment Trust Inc. priced its underwritten public offering of 4 million shares of series C fixed-to-floating rate cumulative redeemable preferred stock for gross proceeds of $100 million, before deducting underwriting discounts and estimated offering expenses.
The company granted the underwriters a 30-day option to purchase up to an additional 600,000 shares to cover overallotments.
The liquidation preference is $25.00 per share. Dividends on the preferred stock will accumulate and be payable from and including the date of original issue to, but excluding, Sept. 17, 2024, at a fixed rate of 8.00% per annum of the liquidation preference. On and after Sept. 17, 2024, dividends will accumulate and be payable at a percentage of the liquidation preference equal to an annual floating rate of the three-month London interbank offered rate plus a spread of 6.476% per annum.
The offering is expected to close Sept. 17. AG Mortgage Investment Trust intends to use the net proceeds from the offering to fund purchases of its target assets, as well as for other general corporate purposes.
BofA Merrill Lynch, Morgan Stanley & Co. LLC, RBC Capital Markets LLC, UBS Securities LLC and Keefe Bruyette & Woods Inc. are acting as joint book-running managers for the offering. Credit Suisse Securities (USA) LLC is acting as co-manager.
AG Mortgage Investment Trust intends to apply to list the series C preferred stock on the NYSE under the symbol MITT PrC.
