Invesco Mortgage Floating 15 Million New Shares
On Wednesday, residential mortgage REIT Invesco Mortgageannounced that it will issue and sell 15 million new common shares in a follow-on public offering, expected to close on Jan. 28.
Priced at $21 apiece, the shares are expected to yield gross proceeds (before costs are deducted) of $315 million in total. Additionally, the offering's underwriters will have an overallotment option to purchase as many as an additional 2.25 million shares, potentially yielding another $47.25 million in gross proceeds.
In a statement, Invesco said it intends to use the funds generated from this offering "to make additional acquisitions of residential and commercial mortgage-backed securities and mortgage loans, on a leveraged basis, and for other general corporate purposes."
Invesco Mortgage has bout 116 million shares outstanding, according to Yahoo! Finance, with a share price at this writing of $21.34.
The article Invesco Mortgage Floating 15 Million New Shares originally appeared on Fool.com.
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