AG Mortgage Investment Trust Inc. (MITT) announced Thursday that it has priced the public offering of 4 million shares of its 8.00% Series B Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, for gross proceeds of $100 million before deducting the underwriting discount and estimated offering expenses.
The company said it has granted the underwriters a 30-day option to purchase up to an additional 600,000 shares of the Series B Preferred Stock to cover over-allotments, if any. The company said it intends to apply to list the Series B Preferred Stock on the New York Stock Exchange under the symbol "MITT PrB." The offering is expected to close on September 27, 2012, subject to customary closing conditions.
The company stated that it expects to use the net proceeds from the offering to enhance its liquidity position, to acquire additional credit investments, consistent with its investment strategy, and for general corporate purposes.
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