Anworth sells 40,000 shares of 6.25% series B convertible preferreds

By Jennifer Chiou

New York, Oct. 4 - Anworth Mortgage Asset Corp. issued an aggregate of 40,000 shares of its 6.25% series B cumulative convertible preferred stock in at-the-market transactions during the three months ended Sept. 30, according to a 424B2 filing with the Securities and Exchange Commission.

Along with 720,000 common shares issued in the same timeframe, the company said it took in $6,533,077 of overall gross proceeds, paying a $120,172 commission to placement agent Cantor Fitzgerald & Co.

The company announced on May 27 that it would offer up to 1 million shares of its 8.625% series A cumulative preferred stock and up to 1 million shares of the series B preferreds as well as up to 20 million shares of its common stock.

The sales were made from time to time at varying prices through Cantor on a best-efforts basis.

As reported, proceeds will be used to acquire mortgage-related assets.

At Feb. 24, $46.89 million of series A preferreds and $27.54 million of series B preferreds were outstanding. The conversion price of the series B preferreds is $10.50.

The company's common stock (NYSE: ANH) closed at $6.39 on Oct. 3, the series A preferreds (NYSE: ANHPrA) closed at $25.35, and the series B preferreds (NYSE: ANHPrB) closed at $22.43 apiece.

Anworth is a Santa Monica, Calif.-based real estate investment trust that invests primarily in U.S. agency mortgage-backed securities.

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