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Invesco Mortgage Capital Inc. | 7.75% Series A Cumulative Redeemable Preferred Stock (IVR.PRA)

Prospectus exerpt:  We are offering to the public 5,400,000 shares of our 7.75% Series A Cumulative Redeemable Preferred Stock, which we refer to in this prospectus supplement as the Series A Preferred Stock. This is an initial issuance of the Series A Preferred Stock. We will pay quarterly cumulative dividends on the Series A Preferred Stock, in arrears, on the 25th day of each January, April, July and October (provided that if any dividend payment date is not a business day, then the dividend which would otherwise have been payable on that dividend payment date may be paid on the next succeeding business day) from, and including, the date of original issuance at 7.75% of the $25.00 per share liquidation preference per annum (equivalent to $1.9375 per annum per share). The first dividend on the Series A Preferred Stock sold in this offering will be payable on October 25, 2012 and will be in the amount of $0.4790 per share.

The Series A Preferred Stock may not be redeemed before July 26, 2017, except under circumstances intended to preserve our qualification as a real estate investment trust, or REIT, for federal income tax purposes and except as described below upon the occurrence of a Change of Control (as defined herein). On or after July 26, 2017, we may, at our option, redeem any or all of the shares of the Series A Preferred Stock at $25.00 per share plus any accumulated and unpaid dividends to, but not including, the redemption date. In addition, upon the occurrence of a Change of Control, we may, at our option, redeem any or all of the shares of Series A Preferred Stock within 120 days after the first date on which such Change of Control occurred at $25.00 per share plus any accumulated and unpaid dividends to, but not including, the redemption date. The Series A Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by us or converted into our common stock in connection with a Change of Control by the holders of Series A Preferred Stock.

Upon the occurrence of a Change of Control, each holder of Series A Preferred Stock will have the right (subject to our election to redeem the Series A Preferred Stock in whole or in part, as described above, prior to the Change of Control Conversion Date (as defined herein)) to convert some or all of the Series A Preferred Stock held by such holder on the Change of Control Conversion Date into a number of shares of our common stock per share of Series A Preferred Stock equal to the lesser of: the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference per share of the Series A Preferred Stock plus the amount of any accumulated and unpaid dividends thereon to, but not including, the Change of Control Conversion Date (unless the Change of Control Conversion Date is after a dividend record date (as defined herein) and prior to the corresponding dividend payment date (as defined herein) for the Series A Preferred Stock, in which case no additional amount for such accrued and unpaid dividend will be included in this sum) by (ii) the Common Stock Price (as defined herein); and 2.6427, or the Share Cap, subject to certain adjustments as explained herein; in each case, on the terms and subject to the conditions described in this prospectus supplement, including provisions for the receipt, under specified circumstances, of alternative consideration as described in this prospectus supplement.

Full Prospectus PDF », IVR Page »

Series:A
Redeemable?:Yes
Call Date:7/26/2017
Perpetual?:Yes
Cumulative?:Yes
Shares Offered:5,400,000
Overallotment:810,000
Liquidation Preference:$25
Recent Market Price:$24.25
Discount to Liquidation Preference:
(More Preferreds Trading at a Discount »)
$-0.75 (-3.00%)
Annualized Dividend:1.9375
Recent Ex-Date:9/29/2014
Current Yield:7.99%
Original Coupon:7.750%
Pay Period:Quarterly
Pay Dates:25-Jan, 25-Apr, 25-Jul, 25-Oct
Invesco Mortgage Capital is a holding company. Co. is a real estate investment trust. Co. invests in: agency residential mortgage-backed securities (RMBS), for which a U.S. government agency such as the Government National Mortgage Association or a federally-chartered corporation such as the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation guarantees payments of principal and interest on the securities; non-agency RMBS, which are not issued or guaranteed by a U.S. government agency or a federally chartered corporation; commercial mortgage-backed securities; residential and commercial mortgage loans; and other real estate-related financing arrangements.

Preferreds: IVR.PRA, IVR.PRB


Open the IVR Information Page »
Name:  Invesco Mortgage Capital Inc.
Website:  www.invescomortgagecapital.com
Sector:  REITs
Number of ETFs Holding IVR:  35 (see which ones)
Total Market Value Held by ETFs:  $151,721,030
Total Market Capitalization:  $1,973,000,000
% of Market Cap. Held by ETFs:  7.69%

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