American Capital Agency (AGNC) Announces $250 IPO
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This morning, American Capital Agency Corp. (Nasdaq: AGNC) announced plans to conduct an initial public offering of its common stock. American Capital Agency Corp. expects to offer 12,500,000 shares to the public at the proposed initial public offering price of $20.00 per share, for gross proceeds of $250 million. The company plans to list its common stock on The NASDAQ Global Market under the symbol "AGNC."
Citi and Merrill Lynch & Co. will act as joint book-runners of the proposed offering. Credit Suisse, Deutsche Bank Securities and Morgan Stanley will act as joint lead managers, with Banc of America Securities LLC, HSBC, JMP Securities and RBC Capital Markets acting as co-managers for the offering.
American Capital Agency Corp. is a newly-organized Delaware corporation formed to invest exclusively in single-family residential mortgage pass-through securities and collateralized mortgage obligations for which the principal and interest payments are guaranteed by a U.S. Government agency or a U.S. Government-sponsored entity.
The Company will be externally managed and advised by American Capital Agency Management, LLC, a subsidiary of a wholly-owned portfolio company of American Capital Strategies, Ltd. (Nasdaq: ACAS). [LJ]
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