Invesco Mortgage Capital Inc. Announces Upsizing and Pricing of Public Offering of Common Stock
Invesco Mortgage Capital Inc. (NYSE: IVR) has announced the upsizing and pricing of its public offering of 24 million shares at $3.83 per share, generating approximately $91.9 million in gross proceeds. The offering is set to close on February 4, 2021, and includes a 30-day option for underwriters to purchase an additional 3.6 million shares. The net proceeds will be utilized for purchasing assets in target classes and general corporate purposes. BofA Securities and JMP Securities are managing the offering.
- Gross proceeds of approximately $91.9 million expected from the offering.
- Funds will be used to purchase assets within target asset classes, indicating possible growth.
- Potential dilution of shares due to the public offering.
- Market reaction uncertainty surrounding asset purchases and offering completion.
ATLANTA, Feb. 2, 2021 /PRNewswire/ -- Invesco Mortgage Capital Inc. (the "Company") (NYSE: IVR) announced today the upsizing and pricing of its public offering of 24 million shares of its common stock at a price of
The Company intends to use the net proceeds from this offering to purchase assets within its target asset classes, subject to its investment guidelines, and to the extent consistent with maintaining its REIT qualification, and for other general corporate purposes.
BofA Securities and JMP Securities are acting as joint book-running managers for the offering.
The Company is conducting the offering pursuant to an effective registration statement on Form S-3ASR dated February 27, 2019 (Commission File No. 333-229917). The offering is being made pursuant to the prospectus supplement and accompanying base prospectus that has been filed with the Securities and Exchange Commission (the "SEC"). Before you invest, you should read the prospectus supplement, prospectus and other documents the Company has filed with the SEC for more complete information about the Company and this offering. These documents are available for free on EDGAR on the SEC website at www.sec.gov. Copies of the final prospectus supplement, when available, and the accompanying prospectus may also be obtained by contacting:
BofA Securities NC1-004-03-43 200 North College Street, 3rd floor Charlotte, North Carolina 28255 Attn: Prospectus Department By e-mail: dg.prospectus_requests@bofa.com | JMP Securities 600 Montgomery Street, Suite 1100 San Francisco, California 94111 Attn: Prospectus Department By phone: 415-835-8985 By e-mail: syndicate@jmpsecurities.com |
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company, nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Invesco Mortgage Capital Inc.
Invesco Mortgage Capital Inc. is a real estate investment trust that focuses on investing in, financing and managing mortgage-backed securities and other mortgage-related assets. Invesco Mortgage Capital Inc. is externally managed and advised by Invesco Advisers, Inc., a subsidiary of Invesco Ltd. (NYSE: IVZ), a leading independent global investment management firm. Additional information is available at www.invescomortgagecapital.com.
Cautionary Notice Regarding Forward-Looking Statements
This press release may include statements and information that constitute "forward-looking statements" within the meaning of the U.S. securities laws as defined in the Private Securities Litigation Reform Act of 1995, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. These forward-looking statements include information about the size of the offering described above, the Company's ability to complete such offering on desirable terms, or at all, and the use of the net proceeds therefrom, as well as any other statements other than statements of historical fact. The words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "project," "forecast" or similar expressions and future or conditional verbs such as "will," "may," "could," "should," and "would," and any other statement that necessarily depends on future events, are intended to identify forward-looking statements, although not all forward-looking statements may contain such words.
The forward-looking statements are based on management's beliefs, assumptions and expectations of the Company's future performance, taking into account all information currently available. You should not place undue reliance on these forward-looking statements. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company. For example, the closing of the offering described above is subject to closing conditions customary in transactions of this type and may be delayed or may not occur at all. In addition, the net proceeds of the offering may not be used as indicated. Some of the other factors are described in the Company's most recent annual report on Form 10-K and subsequent filings, including the Company's quarterly report on Form 10-Q filed on November 9, 2020, which are available on the SEC's website at www.sec.gov, under the headings "Risk Factors," "Forward-Looking Statements," "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations."
Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible to predict those events or how they may affect the Company. Except as required by law, the Company is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations Contact: Jack Bateman, 404-439-3323
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SOURCE Invesco Mortgage Capital Inc.
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