Invesco Mortgage Capital Inc. Announces Pricing Of Private Offering Of $350 Million Exchangeable Senior Notes Due 2018

ATLANTA, March 6, 2013 /PRNewswire/ -- Invesco Mortgage Capital Inc. (the "Company") (NYSE: IVR) announced today that IAS Operating Partnership LP, the operating partnership through which the Company conducts its operations (the "Operating Partnership"), has agreed to sell in a private offering $350 million of its 5.00% Exchangeable Senior Notes due 2018.  The Operating Partnership granted the initial purchasers a 30-day option to purchase up to an additional $50 million aggregate principal amount of the notes. 

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The notes will be senior unsecured obligations of the Operating Partnership.  The Company will guarantee the payment of amounts due on the notes.  The offering is expected to close on March 12, 2013, subject to the satisfaction of certain closing conditions.

Interest on the notes will be payable semi-annually on March 15 and September 15, beginning on September 15, 2013.  The notes will mature on March 15, 2018, unless repurchased or exchanged in accordance with their terms prior to such date. 

The notes may be exchanged for shares of the Company's common stock at the applicable exchange rate at any time prior to the close of business on the second scheduled trading day prior to the maturity date. The initial exchange rate for each $1,000 aggregate principal amount of the notes is 42.0893 shares of the Company's common stock, equivalent to an exchange price of approximately $23.76 per share, which represents an approximately 15% premium to the closing price of the Company's common stock on March 6, 2013.

The Operating Partnership will not be permitted to redeem the notes prior to maturity.

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