By Angela McDaniels
Tacoma, Wash., July 5 - Anworth Mortgage Asset Corp. sold $4.62 million liquidation preference, or 184,909 shares, of its 6.25% series B cumulative convertible preferred stock in at-the-market transactions during the three months ended June 30, according to a 424B2 filing with the Securities and Exchange Commission.
The sales were made from time to time at varying prices through Cantor Fitzgerald & Co.
The company also sold 2,895,600 shares of common stock through the agent during the quarter. Between the sales of convertibles and stock, the company raised $25.75 million.
The convertibles have a liquidation preference of $25.00 each. The conversion rate was 3.4094 shares per convertible as of March 31.
The convertibles are not redeemable, but the company can force conversion beginning Jan. 25, 2012 if its common stock price is 130% or more of the conversion price for at least 20 trading days out of any 30 consecutive trading days.
The company issued 158,500 of the convertibles during the first quarter, bringing the outstanding liquidation preference to $29.4 million as of March 31.
Anworth is a Santa Monica, Calif.-based real estate investment trust that invests primarily in U.S. agency mortgage-backed securities.
| Issuer: | Anworth Mortgage Asset Corp.
|
| Issue: | Series B cumulative convertible preferred stock
|
| Dividends: | 6.25%
|
| Liquidation preference: | $25.00
|
| Conversion ratio: | 3.4094
|
| Conversion price: | $7.33
|
| Forced conversion: | Issuer can force conversion beginning Jan. 25, 2012 if common stock price is 130% or more of conversion price for 20 out of any 30 consecutive trading days
|
| Stock symbol: | NYSE: ANH
|
| Stock price: | $7.68 at close July 5
|
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