Armour Residential REIT, Vero Beach, Fla., hopes to sell 40 million additional shares of stock in a deal that could raise an additional $305 million, at least.
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At deadline Armour’s shares were trading at $7.30. The publicly traded REIT specializes in investing in MBS backed by Fannie Mae, Freddie Mac and the Government National Mortgage Association.
The company plans to use the proceeds to buy additional MBS.
Deutsche Bank, Bank of America/Merrill Lynch and Citigroup Securities are the lead joint book-running managers on the deal.
Company co-chief executive officer Jeffrey Zimmer did not return a telephone call about the offering.
Armour has a market capitalization of roughly $1.3 billion.
