AG Mortgage Investment Trust, Inc. (NYSE: MITT) disclosed today the pricing of its underwritten public offering of $65 million aggregate principal amount of senior notes due 2029 (the “Notes”). The offering is anticipated to close on May 15, 2024, pending customary closing conditions.
The Company aims to list the Notes on the New York Stock Exchange under the symbol “MITP” and anticipates trading to commence within 30 days after issuance, subject to approval. The Notes have received a BBB- investment grade rating from Egan-Jones Ratings Company, an independent, unaffiliated rating agency.
Proceeds from the offering are intended for general corporate purposes, including potential acquisition of Residential Investments and Agency RMBS, in accordance with the Company’s investment guidelines, and for working capital needs. This may encompass repayment of existing indebtedness, including a portion of the 6.75% Convertible Senior Notes due 2024 (the “Convertible Notes”), previously assumed by a subsidiary of the Company in connection with the acquisition of Western Asset Mortgage Capital Corporation. The Convertible Notes, which can be redeemed at the Company’s discretion from June 15, 2024, mature on September 15, 2024.
The Notes represent senior unsecured obligations of the Company, paying quarterly interest in cash on February 15, May 15, August 15, and November 15 of each year, starting August 15, 2024. Maturity is slated for May 15, 2029, with redemption options available, in whole or in part, at the Company’s discretion on or after May 15, 2026.
Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, UBS Securities LLC, Wells Fargo Securities, LLC, Keefe, Bruyette & Woods, Inc., and Piper Sandler & Co. are acting as joint book-running managers for the offering.
The offering is being conducted pursuant to the Company’s currently effective shelf registration statement filed with the Securities and Exchange Commission (the “SEC”).
