AGNC Investment Corp. priced a public offering of 38 million shares of its common stock.
Total gross proceeds are expected to be $718.2 million, before underwriting discounts and commissions and estimated expenses.
The company has granted the underwriters a 30-day option to purchase up to an additional 5.7 million shares of common stock.
The offering is expected to close on or about Aug. 3.
The company intends to use the net proceeds to finance the acquisition of agency securities, non-agency securities, other mortgage-related assets and hedging instruments, and for other general corporate purposes.
Citigroup, BofA Merrill Lynch, Credit Suisse, J.P. Morgan, Morgan Stanley and UBS Investment Bank are joint book-running managers for the offering while JMP Securities and Keefe Bruyette & Woods are co-managers.