Invesco Mortgage Capital Inc., IAS Operating Partnership LP and Invesco Advisers Inc. entered into an equity distribution agreement with JonesTrading Institutional Services LLC for the sale of 3 tranches of preferred stock.
Under the agreement, Invesco Mortgage may sell up to 1.5 million shares of its 7.75% series A cumulative redeemable preferred stock, 1.5 million shares of its 7.75% fixed-to-floating series B cumulative redeemable preferred stock and 4 million shares of its 7.50% fixed-to-floating series C cumulative redeemable preferred stock.
The company intends to use the net proceeds to repay debt or for other general corporate purposes.