AG Mortgage Investment Trust, Inc. Announces Pricing of $100 Million of 8.00% Series B Cumulative Redeemable Preferred Stock

Thu Sep 20, 2012 12:16pm EDT

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AG Mortgage Investment Trust, Inc. Announces Pricing of $100 Million of 8.00% Series B Cumulative Redeemable Preferred Stock

AG Mortgage Investment Trust, Inc. (NYSE: MITT) (the "Company") announced today that it has priced the public offering of 4,000,000 shares of its 8.00% Series B Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share (the "Series B Preferred Stock"), for gross proceeds of $100 million before deducting the underwriting discount and estimated offering expenses. The Company has granted the underwriters a 30-day option to purchase up to an additional 600,000 shares of the Series B Preferred Stock to cover over-allotments, if any. The Company intends to apply to list the Series B Preferred Stock on the New York Stock Exchange under the symbol “MITT PrB.” The offering is expected to close on September 27, 2012, subject to customary closing conditions.

The Company expects to use the net proceeds from the offering to enhance its liquidity position, to acquire additional credit investments, consistent with its investment strategy, and for general corporate purposes.

Stifel Nicolaus Weisel, RBC Capital Markets, Barclays and Deutsche Bank Securities are the joint book-running managers for the offering. Credit Suisse Securities (USA) LLC, Sterne Agee, Wunderlich Securities, National Securities Corporation and Maxim Group LLC are the co-managers for the offering.

The offering will be made pursuant to the Company's existing shelf registration statement, which was declared effective by the Securities and Exchange Commission on July 20, 2012. This press release is neither an offer to sell nor a solicitation of an offer to buy shares of Series B Preferred Stock. The offering of these securities will be made only by means of a prospectus and a related prospectus supplement, a copy of which may be obtained by contacting:

Stifel, Nicolaus & Company, Incorporated
Attention: Syndicate Department
One South Street, 15th Floor
Baltimore, MD 21202
(443) 224-1988
SyndicateOps@stifel.com

RBC Capital Markets, LLC
Attention: Prospectus Department
Three World Financial Center
200 Vesey Street, 8th floor
New York, New York 10281-8098
Toll-free number: (877) 822-4089

Barclays Capital Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Email: barclaysprospectus@broadridge.com
Telephone: (888) 603-5847

Deutsche Bank Securities Inc.
Attention: Prospectus Department
60 Wall Street
New York, NY 10005-2836
Email: prospectus.CPDG@db.com
Telephone: (800) 503-4611

The prospectus supplement and the accompanying prospectus shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About AG Mortgage Investment Trust, Inc.

AG Mortgage Investment Trust, Inc. is a real estate investment trust that invests in, acquires and manages a diversified portfolio of residential mortgage assets, other real estate-related securities and financial assets. AG Mortgage Investment Trust, Inc. is externally managed and advised by AG REIT Management, LLC, a subsidiary of Angelo, Gordon & Co., L.P., an SEC-registered investment adviser that specializes in alternative investment activities.

Forward-Looking Statements Disclaimer

This press release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including with regard to the Company's consummation of its offering of Series B Preferred Stock and the anticipated use of proceeds. Forward-looking statements typically are identified by use of the terms such as "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions. Forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. No assurance can be given that the offering discussed above will be consummated or that the net proceeds of the offering will be used as indicated. Consummation of the offering, and the application of the net proceeds of the offering, are subject to numerous possible events, factors and conditions, many of which are beyond the control of the Company and not all of which are known to us, including, without limitation, market conditions and those described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2011 and our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2012, as amended, each of which has been filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date on which they are made. New risks and uncertainties arise over time, and it is not possible to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

AG Mortgage Investment Trust, Inc.
Lisa Yahr, 212-692-2282
Investor Relations
lyahr@angelogordon.com