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Invesco Mortgage Capital Inc | 7.75% Fixed-to-Floating Series B Cumulative Redeemable Preferred Stock (IVR.PRB)

Prospectus excerpt:  We are offering to the public 6,000,000 shares of our 7.75% Fixed-to-Floating Series B Cumulative Redeemable Preferred Stock, which we refer to in this prospectus supplement as the Series B Preferred Stock. This is the initial issuance of the Series B Preferred Stock.

From, and including, the date of issuance to, but excluding, December 27, 2024, we will pay cumulative dividends on the Series B Preferred Stock at an initial rate of 7.75% per annum based on the $25.00 per share liquidation preference, or $1.9375 per share. From, and including, December 27, 2024 and thereafter, we will pay cumulative dividends on the Series B Preferred Stock at a floating rate equal to three-month LIBOR (as defined herein) as calculated on each applicable date of determination (as defined herein) plus a spread of 5.18% per annum based on the $25.00 per share liquidation preference. We will pay quarterly cumulative dividends on the Series B Preferred Stock, in arrears, on the 27th day of each March, June, September and December (provided that if any dividend payment date is not a business day, then the dividend which would otherwise have been payable on that dividend payment date may be paid on the next succeeding business day). The first dividend on the Series B Preferred Stock sold in this offering will be payable on December 27, 2014 and will be for more than a full quarter, covering the period from, and including, the date of issuance through but excluding December 27, 2014, or $0.57049 per share.

The Series B Preferred Stock may not be redeemed before December 27, 2024, except under circumstances intended to preserve our qualification as a real estate investment trust, or REIT, for federal income tax purposes and except as described below upon the occurrence of a Change of Control (as defined herein). On or after December 27, 2024, we may, at our option, redeem any or all of the shares of the Series B Preferred Stock at $25.00 per share plus any accumulated and unpaid dividends to, but not including, the redemption date. In addition, upon the occurrence of a Change of Control, we may, at our option, redeem any or all of the shares of Series B Preferred Stock within 120 days after the first date on which such Change of Control occurred at $25.00 per share plus any accumulated and unpaid dividends to, but not including, the redemption date. The Series B Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by us or converted into our common stock in connection with a Change of Control by the holders of Series B Preferred Stock.

Full Prospectus PDF », IVR Page »

Series:B
Alternate symbology:IVR-B, IVR-PB, IVRprB
Redeemable?:Yes
Call Date:12/27/2024
Perpetual?:Yes
Cumulative?:Yes
Shares Offered:6,000,000
Overallotment:900,000
Liquidation Preference:$25
Recent Market Price:$25.25
Premium to Liquidation Preference:
(More Preferreds Trading at a Premium »)
$0.25 (1.00%)
Annualized Dividend:1.9376
Recent Ex-Date:12/2/2021
Current Yield:7.67%
Original Coupon:Initial rate of 7.75% per annum. From, and including, December 27, 2024 and thereafter a floating rate equal to three-month LIBOR as calculated on each applicable date of determination plus a spread of 5.18% per annum based on the 5.00 per share liquidation preference.
Pay Period:Quarterly
Pay Dates:27-Mar, 27-Jun, 27-Sep, 27-Dec
CDx3 Compliance Rating: Learn IVR.PRB's Rating
Invesco Mortgage Capital is a holding company and a real estate investment trust. Co. is primarily focused on investing in, financing and managing mortgage-backed securities and other mortgage related assets. Co. primarily invests in the following: residential mortgage-backed securities; commercial mortgage-backed securities; credit risk transfer securities; residential and commercial mortgage loans; and other real estate-related financing arrangements. Co. conducts its business through its wholly-owned subsidiary IAS Operating Partnership L.P. Co. is externally managed and advised by Invesco Advisers, Inc., Co.'s manager, an indirect wholly-owned subsidiary of Invesco Ltd.

Preferreds: IVR.PRA, IVR.PRB, IVR.PRC


Open the IVR Information Page »
Name: 
Invesco Mortgage Capital Inc
Website: 
www.invescomortgagecapital.com
Sector: 
REITs
Number of ETFs Holding IVR: 
50 (see which ones)
Total Market Value Held by ETFs: 
$225,997,452.97
Total Market Capitalization: 
$845,000,000
% of Market Cap. Held by ETFs: 
26.75%

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