This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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. 

(Logo:  http://photos.prnewswire.com/prnh/20110131/MM39469LOGO-b )

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.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs