By James McCandless
San Antonio, Sept. 11 – AG Mortgage Investment Trust, Inc. priced a $100 million offering of $25-par series C fixed-to-floating rate cumulative redeemable preferred stock with an initial dividend of 8%, according to an FWP filing with the Securities and Exchange Commission.
There is a $15 million greenshoe.
The deal was announced on Wednesday morning.
BofA Securities, Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, UBS Securities LLC and Keefe, Bruyette & Woods, Inc. are the joint bookrunners.
The dividend is fixed until Sept. 17, 2024, then converts to a floating rate of Libor plus 647.6 basis points.
The preferreds are redeemable on or after Sept. 17, 2024 at par. Prior to that, they are redeemable within 120 days after a change of control event at par.
AG Mortgage plans to use the proceeds to fund purchases of its target assets in accordance with its investment objectives and strategies as well as for other general corporate purposes.
The company plans to list the preferreds on the New York Stock Exchange under the symbol “MITTPrC.”
AG Mortgage is a New York City-based real estate investment trust.
| Issuer: | AG Mortgage Investment Trust, Inc.
|
| Description: | Series C fixed-to-floating rate cumulative redeemable preferred stock
|
| Amount: | $100 million, or 4 million shares
|
| Greenshoe: | $15 million, or 600,000 shares
|
| Maturity: | Perpetual
|
| Bookrunners: | BofA Securities, Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, UBS Securities LLC and Keefe, Bruyette & Woods, Inc.
|
| Co-manager: | Credit Suisse Securities (USA) LLC
|
| Dividend: | 8% until Sept. 17, 2024, then converts to a floating rate of Libor plus 647.6 bps
|
| Price: | Par of $25.00
|
| Call: | On or after Sept. 17, 2024 at par; prior to that, within 120 days after a change of control at par
|
| Pricing date: | Sept. 11
|
| Settlement date: | Sept. 17
|
| Distribution: | SEC registered
|
| Listing: | NYSE: MITTPrC
|
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