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Ellington Residential Mortgage REIT Announces Pricing of Initial Public Offering of 6,450,000 Common Shares

Wednesday, 1 May 2013 09:27am EDT 

Ellington Residential Mortgage REIT announced the pricing of its initial public offering of 6,450,000 common shares at a price to the public of $20.00 per share. Total gross proceeds to the Company of the initial public offering (the offering) will be $129 million. EARN has also granted the underwriters a 30-day option to purchase up to an additional 967,500 common shares to cover overallotments, if any. EARN's common shares are expected to begin trading today on the New York Stock Exchange under the ticker symbol EARN. The Company expects to close the offering on or about May 6, 2013, subject to the satisfaction of customary closing conditions. The Company plans to use the net proceeds from the offering, together with additional borrowings, to purchase its target assets. Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Citigroup Global Markets Inc., and UBS Securities LLC are the joint book runners for the offering. RBC Capital Markets, LLC, JMP Securities LLC, Blackstone Advisory Partners L.P., Sterne, Agee & Leach, Inc. and Tod's Point Capital LLC are acting as co-managers. 

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