AG Mortgage Investment Trust, Inc. (NYSE:MITT) (the “Company”) today announced the pricing of its underwritten public offering of 4,000,000 shares of its 8.00% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the “Series C Preferred Stock”), liquidation preference $25.00 per share, resulting in gross proceeds of $100 million, before deducting underwriting discounts and estimated offering expenses. The Company intends to apply to list the Series C Preferred Stock on the New York Stock Exchange under the symbol “MITT PrC”. The offering is expected to close on September 17, 2019, subject to customary closing conditions.
In connection with the offering, the Company has granted the underwriters a thirty-day option to purchase up to an additional 600,000 shares of the Series C Preferred Stock to cover over-allotments, if any.
Dividends on the Series C Preferred Stock will accumulate and be payable from and including the date of original issue to, but not including, September 17, 2024, at a fixed rate of 8.00% per annum of the $25.00 liquidation preference. On and after September 17, 2024, dividends on the Series C Preferred Stock will accumulate and be payable at a percentage of the $25.00 liquidation preference equal to an annual floating rate of Three-Month LIBOR plus a spread of 6.476% per annum.
The Company intends to use the net proceeds from this offering to fund purchases of its target assets in accordance with its investment objectives and strategies, as well as for other general corporate purposes.