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Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Sat, April 1, 5:08 PM
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Slide #512. CYS Investments, Inc. — Preferred Stock Offering
Company:
CYS Investments, Inc. (CYS)
Date announced:
4/23/2013
Shares Offered:
8,000,000
Date of Pricing:
4/23/2013
Price Per Share:
$25.00
Preferred Stock Offering Details:
CYS Investments, Inc. (NYSE:CYS) (the "Company") today announced that it priced an underwritten public offering of 8,000,000 shares of its 7.50% Series B Cumulative Redeemable Preferred Stock (the "Series B Preferred Stock"), liquidation preference $25.00 per share, for gross proceeds of $200 million, before deducting underwriting discounts and estimated offering expenses. The Company has granted the underwriters an option for 30 days to purchase up to an additional 1,200,000 shares of the Series B Preferred Stock to cover over-allotments. The offering is subject to customary closing conditions and is expected to close on April 30, 2013.
CYS Investments is a specialty finance company classified as a Real Estate Investment Trust. Co. invests in residential mortgage-backed securities that are issued and the principal and interest of which are guaranteed by a federally chartered corporation or an agency of the U.S. government, collateralized by fixed rate single-family residential mortgage loans, adjustable-rate loans, which have coupon rates that reset monthly, or Hybrid ARMs, which have a coupon rate that is fixed for an initial period and then resets at regular intervals. Co. also invests in debt securities issued by the U.S. Department of the Treasury or a government-sponsored entity that are not backed by collateral.
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Avg. Broker Rec.
 
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Hold (2.00 out of 4) 100th percentile
(ranked higher than approx. 100% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com |
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