AG Mortgage Investment Trust, Inc. (NYSE: MITT) (the "Company")
announced today that it has priced the public offering of 1,800,000
shares of its 8.25% Series A Cumulative Redeemable Preferred Stock,
liquidation preference $25.00 per share (the "Series A Preferred
Stock"), for gross proceeds of $45 million before deducting the
underwriting discount and estimated offering expenses. The Company has
granted the underwriters a 30-day option to purchase up to an additional
270,000 shares of the Series A Preferred Stock to cover any
over-allotments, if any. The Company intends to apply to list the Series
A Preferred Stock on the New York Stock Exchange under the symbol “MITT
PrA.” The offering is expected to close on August 3, 2012.
The Company expects to use the net proceeds from the offering to make
additional acquisitions of residential mortgage-backed securities, other
real estate-related securities and for general corporate purposes.
Stifel, Nicolaus & Company, Incorporated, RBC Capital Markets, LLC and
Deutsche Bank Securities Inc. are acting as joint book-running managers
for the offering. Credit Suisse Securities (USA) LLC, Sterne, Agee &
Leach, Inc., Wunderlich Securities, Inc., National Securities
Corporation and Maxim Group LLC are acting as co-managers.
The offering will be made pursuant to the Company's existing shelf
registration statement, which was declared effective by the Securities
and Exchange Commission on July 20, 2012. This press release is neither
an offer to sell nor a solicitation of an offer to buy shares of Series
A Preferred Stock. The offering of these securities will be made only by
means of a prospectus and a related prospectus supplement, a copy of
which may be obtained by contacting:
Stifel, Nicolaus & Company, Incorporated
Attention: Syndicate Department
One South Street, 15th Floor
Baltimore, MD 21202
RBC Capital Markets, LLC
Attention: Prospectus Department
Three World Financial Center
200 Vesey Street, 8th floor
New York, NY 10281-8098
Telephone: (212) 428-6670
Fax: (212) 428-6260
Deutsche Bank Securities Inc.
Attention: Prospectus Department
60 Wall Street
New York, NY 10005-2836
The prospectus supplement and the accompanying prospectus shall not
constitute an offer to sell or the solicitation of an offer to buy, nor
shall there be any sale of these securities in any state in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state.
About AG Mortgage Investment Trust, Inc.
AG Mortgage Investment Trust, Inc. is a real estate investment trust
that invests in, acquires and manages a diversified portfolio of
residential mortgage assets, other real estate-related securities and
financial assets. AG Mortgage Investment Trust, Inc. is externally
managed and advised by AG REIT Management, LLC, a subsidiary of Angelo,
Gordon & Co., L.P., an SEC-registered investment adviser that
specializes in alternative investment activities.
Forward-Looking Statements Disclaimer
This press release contains "forward-looking statements" made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, including with regard to the Company's consummation
of its offering of Series A Preferred Stock and the anticipated use of
proceeds. Forward-looking statements typically are identified by use of
the terms such as "believe," "expect," "anticipate," "estimate," "plan,"
"continue," "intend," "should," "may" or similar expressions.
Forward-looking statements are based on our beliefs, assumptions and
expectations of our future performance, taking into account all
information currently available to us. No assurance can be given that
the offering discussed above will be consummated, or that the net
proceeds of the offering will be used as indicated. Consummation of the
offering, and the application of the net proceeds of the offering, are
subject to numerous possible events, factors and conditions, many of
which are beyond the control of the Company and not all of which are
known to us, including, without limitation, market conditions and those
described in our Annual Report on Form 10-K for the fiscal year ended
December 31, 2011, which has been filed with the Securities and Exchange
Commission. All forward-looking statements speak only as of the date on
which they are made. New risks and uncertainties arise over time, and it
is not possible to predict those events or how they may affect us.
Except as required by law, we are not obligated to, and do not intend
to, update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise.