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Invesco Announces Proposed IPO For New REIT

The Associated Press

ATLANTA (AP) — Asset manager Invesco Ltd. said Friday it is planning an initial public offering of stock in a newly formed real estate investment trust to be called Invesco Mortgage Capital Inc.

The new company intends to invest in, finance and manage agency and non-agency residential and commercial mortgage-backed securities and mortgage loans, initially, in conjunction with financing from the U.S. government's Public-Private Investment Program and the Term Asset-Backed Securities Lending Facility.

Invesco Mortgage Capital will be managed and advised by Invesco Institutional Inc.

The stock will be listed on the New York Stock Exchange under the symbol "IVR."

Credit Suisse and Morgan Stanley will act as joint book-running managers for the proposed offering.

Barclays Capital, Jackson Securities, Keefe Bruyette & Woods, Siebert Capital Markets, Stifel Nicolaus and The Williams Capital Group will act as co-managers for the proposed offering.

The Atlanta-based asset manager said it has filed registration statements with the Securities and Exchange Commission for the securities but they have not yet become effective.

Invesco Ltd. shares rose 5.5 percent, or 88 cents, to close at $16.74 Friday.