Apollo Residential Mortgage Reports Closing of $172.5M Preferred Stock Offering
Apollo Residential Mortgage (NYSE: AMTG) today announced the closing of an underwritten public offering of the Company's 8.00% Series A Cumulative Redeemable Perpetual Preferred Stock (the "Series A Preferred Stock") with a liquidation preference of $25 per share. In connection with the offering, the underwriters exercised their option to purchase an additional 900,000 shares of the Series A Preferred Stock on the same terms and conditions. Together with the exercise of the underwriters' option to purchase additional shares, the Company sold an aggregate of 6,900,000 shares, which generated net proceeds to the Company of approximately $166.6 million, after deducting the underwriting discount and estimated offering expenses payable by the Company. AMTG intends to use the net proceeds from the offering to acquire Agency residential mortgage backed securities
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.