AG Mortgage (MITT) has released an update to notify the public and investors about an entry into a material definitive agreement.
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On January 26, 2024, AG Mortgage Investment Trust, Inc. completed a public offering of $34.5 million in 9.500% Senior Notes due 2029. The offering was made under an existing registration statement and involved an underwriting agreement with several financial institutions serving as underwriters. The Notes, which will mature on February 15, 2029, pay quarterly interest and can be redeemed by the company at its option starting February 15, 2026. The net proceeds, estimated at approximately $32.8 million after expenses, are intended for general corporate purposes, including potential repayment of existing debt. The issuance ranks senior to any future subordinated debt and is on par with other unsecured debt but is subordinate to secured debt and liabilities of subsidiaries.
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