Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Sun, December 5, 5:27 AM
|This Slide: #92 of 573|
Slide #92. Orchid Island Capital, Inc. — Preferred Stock Offering
Orchid Island Capital, Inc. (NYSE:ORC)
Preferred Stock Offering Details:
Orchid Island Capital, Inc. (NYSE:ORC) (the "Company") announced today that it has launched an underwritten public offering of its new Series A Cumulative Redeemable Preferred Stock (the "Series A Preferred Stock"), with a liquidation preference equivalent to $25.00 per share, subject to market conditions. The terms of the Series A Preferred Stock are to be determined by negotiations between the Company and the underwriters. The Company intends to list the Series A Preferred Stock on the New York Stock Exchange under the symbol "ORC PR A." The Company expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of the Series A Preferred Stock solely to cover over-allotments, if any. Ladenburg Thalmann, a subsidiary of Ladenburg Thalmann Financial Services Inc., Janney Montgomery Scott LLC and MUFG are acting as joint book-running managers for this offering. JonesTrading, National Securities Corporation, a wholly owned subsidiary of National Holdings Corporation, and William Blair & Company are acting as comanagers.
Orchid Island Capital is a real estate investment trust and a finance company that invests in residential mortgage-backed securities (RMBS). The principal and interest payments of these RMBS are guaranteed by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation or the Government National Mortgage Association and are backed by single-family residential mortgage loans. Co. refers to these RMBS as Agency RMBS. Co.'s portfolio consists of two categories of Agency RMBS: pass-through Agency RMBS; and structured Agency RMBS, such as interest only securities, inverse interest only securities and principal only securities, among other types of structured Agency RMBS.
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Strong Buy (4.00 out of 4)
(ranked higher than approx. 81% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com