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Invesco Mortgage to issue 3 tranches of preferred stock

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.