Ellington Residential Mortgage REIT Announces Pricing of Public Offering of Common Shares
May 10 2017 - 8:48AM
Business Wire
Ellington Residential Mortgage REIT (NYSE:EARN) (the “Company”)
today announced that it has priced an underwritten public offering
of 3,000,000 common shares at a price to the public of $14.55 per
share. The Company has granted the underwriters an option for 30
days to purchase up to an additional 450,000 common shares. The
offering is subject to customary closing conditions and is expected
to close on May 15, 2017. Morgan Stanley and JMP Securities acted
as joint bookrunning managers for the offering and Ladenburg
Thalmann acted as co-manager.
The Company expects to use the net proceeds of the offering to
acquire its targeted assets. The Company may also use the net
proceeds for working capital and general corporate purposes.
The offering of common shares is being made pursuant to the
Company's existing shelf registration statement on Form S-3, which
was declared effective by the Securities and Exchange Commission on
October 20, 2014. The offering is being made only by means of a
prospectus supplement and accompanying base prospectus, which will
be filed with the Securities and Exchange Commission. Copies of the
prospectus supplement and accompanying base prospectus related to
the offering may be obtained by contacting: Morgan Stanley &
Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd
Floor, New York, New York 10014, or JMP Securities LLC, 600
Montgomery Street, 10th Floor, San Francisco, CA 94111, Attention:
Prospectus Department, or by calling (415) 835-3959.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities nor will there be
any sale of these securities in any state or other jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or other jurisdiction.
About Ellington Residential Mortgage REIT
Ellington Residential Mortgage REIT is a mortgage real estate
investment trust that specializes in acquiring, investing in and
managing residential mortgage- and real estate-related assets, with
a primary focus on residential mortgage-backed securities, for
which the principal and interest payments are guaranteed by a U.S.
government agency or a U.S. government-sponsored enterprise.
Ellington Residential Mortgage REIT is externally managed and
advised by Ellington Residential Mortgage Management LLC, an
affiliate of Ellington Management Group, L.L.C.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve
numerous risks and uncertainties. Actual results may differ from
our beliefs, expectations, estimates, and projections and,
consequently, you should not rely on these forward-looking
statements as predictions of future events. Forward-looking
statements are not historical in nature and can be identified by
words such as "believe," "expect," "anticipate," "estimate,"
"project," "plan," "continue," "intend," "should," "would,"
"could," "goal," "objective," "will," "may," "seek," or similar
expressions or their negative forms, or by references to strategy,
plans, or intentions. No assurance can be given that the offering
discussed above will be completed on the terms described or at all,
or that the net proceeds of the offering will be used as indicated.
Completion of the offering on the terms described, 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
it, including, without limitation, market conditions and those
described under the heading "Risk Factors" in the Company's Annual
Report on Form 10-K for the year ended December 31, 2016 and as
updated by those risk factors included in the Company's subsequent
filings under the Securities Exchange Act of 1934, as amended,
which can be accessed at the SEC's website at www.sec.gov. We
undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20170510005821/en/
Ellington Residential Mortgage REITMaria Cozine,
203-409-3773Vice President of Investor RelationsorLisa Mumford,
203-409-3773Chief Financial Officerorinfo@earnreit.com
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