Invesco Mortgage Capital Inc. Announces Pricing of Public Offering of Series C Preferred Stock

ATLANTA, Aug. 9, 2017 /PRNewswire/ -- Invesco Mortgage Capital Inc. (the "Company") IVR announced today that it has priced the public offering of 10,000,000 shares of its 7.50% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock (the "Series C Preferred Stock"), liquidation preference $25.00 per share, for gross proceeds of approximately $250 million, before deducting the underwriting discount and other estimated offering expenses. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of the Series C Preferred Stock solely to cover over-allotments, if any.  The offering is subject to customary closing conditions and is expected to close on August 16, 2017.  The Company intends to apply to list the Series C Preferred Stock on the New York Stock Exchange under the symbol "IVR PrC."

Dividends on the Series C Preferred Stock will accumulate and be payable from and including the date of original issue to, but not including, September 27, 2027, at a fixed rate of 7.50% per annum of the $25.00 liquidation preference. From, and including, September 27, 2027 and thereafter, dividends on the Series C Preferred Stock will accumulate and be payable at a percentage of the $25.00 liquidation preference equal to an annual floating rate of three-month LIBOR plus a spread of 5.289% per annum.

The Company expects to use the net proceeds for general corporate purposes.

Morgan Stanley & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC, and J.P. Morgan Securities LLC are acting as joint lead book-running managers for the offering. 

This announcement shall not constitute an offer to sell, or the solicitation of an offer to buy, shares of preferred stock or any other securities of the Company, nor shall there be any sale of the Company's securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The Company is conducting the offering pursuant to an effective registration statement on Form S-3ASR (Commission File No. 333-210454), filed with the Securities and Exchange Commission on March 19, 2016. The offering will be made only by means of a prospectus supplement and accompanying prospectus. Before you invest, you should read the prospectus supplement and accompanying prospectus along with the other documents that the Company has filed with the Securities and Exchange Commission for more complete information about the Company and this offering. Copies of the final prospectus supplement and accompanying prospectus, when available, may be obtained by contacting:

About Invesco Mortgage Capital Inc.

Invesco Mortgage Capital Inc. is a real estate investment trust that focuses on investing in, financing and managing residential and commercial mortgage-backed securities and mortgage loans. Invesco Mortgage Capital Inc. is externally managed and advised by Invesco Advisers, Inc., a subsidiary of Invesco Ltd., a leading independent global investment management firm.

Cautionary Notice Regarding Forward-Looking Statements

This release may include statements and information that constitute "forward-looking statements" within the meaning of the U.S. securities laws.  Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, targets, expectations, anticipations, assumptions, estimates, intentions and future performance. In addition, words such as "will," "expects" and "plans," as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements.

Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. There can be no assurance that actual results will not differ materially from our expectations. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks identified under the captions "Risk Factors," "Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our registration statement on Form S-3ASR (Commission File No. 333-210454), our annual report filed on Form 10-K and quarterly reports on Form 10-Q, which are incorporated by reference in the prospectus supplement and the accompanying prospectus, and which are available on the Securities and Exchange Commission's website at www.sec.gov. 

All written or oral forward-looking statements that we make, or that are attributable to us, are expressly qualified by this cautionary notice.  We expressly disclaim any obligation to update the information in any public disclosure if any forward-looking statement later turns out to be inaccurate, except as required by law.

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SOURCE Invesco Mortgage Capital Inc.