AG Mortgage Investment Trust, Inc. (NYSE: MITT) (the "Company") announced today that it has priced a public offering of 3,750,000 shares of its common stock for total estimated gross proceeds of approximately $89 million. The Company has granted the underwriters a 30-day option to purchase up to 562,500 additional shares of its common stock. The offering is subject to customary closing conditions and is expected to close on December 26, 2012.
The Company expects to use the net proceeds from the offering to make additional acquisitions of our target assets, which include residential mortgage-backed securities and other real estate-related assets, and for general corporate purposes.
Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, Nomura and Stifel Nicolaus Weisel are acting as book-running managers for the offering. JMP Securities LLC, Wunderlich Securities and Maxim Group LLC are acting as co-managers.
The offering will be made pursuant to the Company's existing shelf registration statement, which was declared effective by the Securities and Exchange Commission on July 20, 2012. This press release is neither an offer to sell nor a solicitation of an offer to buy shares of common stock. The offering of these securities will be made only by means of a prospectus and a related prospectus supplement, a copy of which may be obtained by contacting: Credit Suisse Securities (USA) LLC, One Madison Avenue, New York, New York 10010, Attention: Prospectus Department or by calling (800) 221-1037 or emailing firstname.lastname@example.org; BofA Merrill Lynch at 222 Broadway, New York, NY 10038, Attention: Prospectus Department or by emailing email@example.com; Nomura Securities International, Inc., by mail at Attention: Equity Syndicate Department, 2 World Financial Center, New York, NY 10281 or by telephone at (212) 667-9000; and Stifel Nicolaus Weisel, Attn: Prospectus Department, One South Street, 15th Floor, Baltimore, MD 21201 or by calling (855) 300-7136.
This press release and the prospectus supplement and the accompanying prospectus shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
About AG Mortgage Investment Trust, Inc.
AG Mortgage Investment Trust, Inc. is a real estate investment trust that invests in, acquires and manages a diversified portfolio of residential mortgage assets, other real estate-related securities and financial assets. AG Mortgage Investment Trust, Inc. is externally managed and advised by AG REIT Management, LLC, a subsidiary of Angelo, Gordon & Co., L.P., an SEC-registered investment adviser that specializes in alternative investment activities.
Forward-Looking Statements Disclaimer
This press release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including with regard to the Company's consummation of its offering of common stock and the anticipated use of proceeds. Forward-looking statements typically are identified by use of the terms such as "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions. Forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. No assurance can be given that the offering discussed above will be consummated, or that the net proceeds of the offering will be used as indicated. Consummation of the offering, and the application of the net proceeds of the offering, are subject to numerous possible events, factors and conditions, many of which are beyond the control of the Company and not all of which are known to us, including, without limitation, market conditions and those described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2011, Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, as amended, and Quarterly Report on Form 10-Q for the quarter ended September 30, 2012, each of which has been filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date on which they are made. New risks and uncertainties arise over time, and it is not possible to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.