By Stephanie N. Rotondo
Seattle, Oct. 5 – Anworth Mortgage Asset Corp. raised $736,546 through an at-the-market sale of its 7.625% series C cumulative redeemable preferred stock, the company said in a regulatory filing on Wednesday.
FBR Capital Markets & Co. acted as the agent.
The company initially sold $7.5 million of the preferreds on Jan. 20, 2015 at the discounted price of $24.50. The latest sale was part of an at-the-market agreement inked with FBR on Aug. 10, in which the agent sought to sell up to $196,615,000 of common stock, 6.25% series B cumulative convertible preferreds and/or the 7.625% series C preferreds.
Dividends are payable on a quarterly basis. The preferreds become redeemable Jan. 27, 2020 at par plus accrued dividends.
Upon a change of control, the company can redeem the issue within 120 days of the event at par plus accrued dividends. Holders will also have the right at that time to convert their preferred holdings into common stock.
Proceeds will be used to acquire mortgage-related assets consistent with the firm’s investment policy and for general corporate purposes.
Anworth is a Santa Monica, Calif.-based fund managed by Anworth Management LLC.
| Issuer: | Anworth Mortgage Asset Corp.
|
| Securities: | Series C cumulative redeemable preferred stock
|
| Amount: | $736,546, or 29,328 shares
|
| Maturity: | Perpetual
|
| Agent: | FBR Capital Markets & Co.
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| Dividend: | 7.625%
|
| Liquidation preference: | $25.00
|
| Call options: | On or after Jan. 27, 2020 or upon and change of control at par plus accrued dividends
|
| Stock symbol: | NYSE: ANHPC
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| Stock price: | $25.00 as of Oct. 4 close
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