Anworth Mortgage Asset Corporation Announces Pricing of Public Offering of Common Stock
SANTA MONICA, California - November 30, 2007 - Anworth Mortgage Asset Corporation (NYSE:ANH) announced today that it has set the price for the underwritten public offering of 9,000,000 shares of its common stock at $6.70 per share for gross proceeds of $60.3 million. Anworth has granted the underwriters a 30-day option to purchase up to an additional 1,350,000 shares of common stock to cover over-allotments. All of the shares are being offered by Anworth.
The net proceeds to Anworth from this offering, after deducting underwriting discounts and estimated expenses, are estimated to be approximately $57.0 million, which Anworth intends to use to acquire agency mortgage-backed securities. Anworth expects the offering to close on Wednesday, December 5, 2007, subject to the satisfaction of customary closing conditions.
Deutsche Bank Securities Inc. is acting as sole book-runner and Friedman, Billings, Ramsey & Co., Inc., JMP Securities LLC and Sterne, Agee & Leach, Inc. are acting as co-managers.
The offering is being made pursuant to Anworth’s existing shelf registration statement filed with the Securities and Exchange Commission. The offering is made by means of a prospectus only which may be obtained from Deutsche Bank Securities Inc. at 60 Wall Street, 4th Floor, New York, New York 10005.
This news release shall not constitute an offer to sell nor a solicitation of an offer to buy shares of common stock, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Anworth Mortgage Asset Corporation
Anworth is a mortgage real estate investment trust (REIT) which invests in mortgage assets, including mortgage pass-through certificates, collateralized mortgage obligations, mortgage loans and other real estate securities. Anworth generates income for distribution to shareholders primarily based on the difference between the yield on its mortgage assets and the cost of its borrowings.