Dynex Capital Inc. amended the equity distribution agreement that it entered Nov. 21, 2016.
The agreement has been amended to show the effectiveness of a new shelf registration statement filed by the company.
According to the amendment, the company will not be selling more than 5.7 million shares of the company's 8.50% series A cumulative redeemable preferred stock, or more than 4.75 million shares of the company's 7.625% series B cumulative redeemable preferred stock. Of these 4.75 million shares, 1,358,999 series B shares were sold under the previous shelf registration.
Also, the maximum amount of preferred stock that may be offered has been amended to $83.1 million, which includes the $33.1 million of preferred stock sold under the previous shelf registration.
The preferred shares will be sold from time to time through Ladenburg Thalmann & Co. Inc. and JonesTrading Institutional Services LLC, the agents for the offering. The company may also sell the preferred shares to an agent, for which a separate agreement will be entered into by both parties.
Under the amended agreement, all agents are entitled to compensation of up to 2% of the gross sale price per share for any preferred shares sold.