Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Sat, December 4, 2:07 AM
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Slide #105. AGNC Investment Corp. — Preferred Stock Offering
AGNC Investment Corp. (NASDAQ:AGNC)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
AGNC Investment Corp. (Nasdaq: AGNC) ("AGNC" or the "Company") announced today that it has priced a public offering of 14,000,000 depositary shares with a liquidation preference of $25.00 per share (the "Depositary Shares"), for gross proceeds of $350 million before deducting underwriting discounts and other estimated offering expenses. Each Depositary Share represents a 1/1,000th interest in a share of the Company's 6.50% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the "Series E Preferred Stock"). In connection with the offering, the Company has granted the underwriters an option for 30 days to purchase up to an additional 2,100,000 Depositary Shares. The Company intends to apply to list the Depositary Shares on The Nasdaq Global Select Market under the symbol "AGNCO." The offering is subject to customary closing conditions and is expected to close on or about October 3, 2019.
AGNC Investment is a real estate investment trust. Co. invests in Agency residential mortgage-backed securities for which the principal and interest payments are guaranteed by a United States Government-sponsored enterprise, such as the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (together with Fannie Mae, the GSEs), or by a United States Government agency. Co. may also invest in other mortgage and mortgage-related residential and commercial mortgage-backed securities where repayment of principal and interest is not guaranteed by a GSE or United States Government agency or in other investments in, or related to, the real estate markets.
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Buy (2.90 out of 4)
(ranked lower than approx. 83% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com