Orchid Island Capital, Inc. Announces Pricing of Public Offering of Common Stock

Nachrichtenquelle: Business Wire (engl.)
21.01.2021, 02:35  |  133   |   |   

Orchid Island Capital, Inc. (NYSE:ORC) (the “Company”) announced today that it priced an underwritten public offering of 7,600,000 shares of its common stock for gross proceeds of approximately $40.3 million. The Company also granted the underwriter a 30-day option to purchase up to an additional 1,140,000 shares of common stock. The offering is expected to close on January 25, 2021, subject to customary closing conditions. J.P. Morgan acted as sole bookrunning manager for the offering.

The Company intends to use the net proceeds of this offering to invest in a targeted mix of Agency RMBS and for general corporate purposes. The Company then expects to borrow against the Agency RMBS that it purchases with the net proceeds of this offering through repurchase agreements and use the proceeds of the borrowings to acquire additional Agency RMBS.

The offering was made pursuant to the Company’s existing shelf registration statement, which was declared effective by the Securities and Exchange Commission (the “SEC”) on February 10, 2020. The offering of these securities was made only by means of a prospectus and a related prospectus supplement, which will be filed with the SEC. Copies of the prospectus and prospectus supplement related to this offering may be obtained, when available, from J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-866-803-9204.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the shares or any other securities, nor shall there be any sale of such shares or any other 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 Orchid Island Capital, Inc.

Orchid Island Capital, Inc. is a specialty finance company that invests on a leveraged basis in Agency RMBS. Orchid Island Capital, Inc. has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes. Our investment strategy focuses on, and our portfolio consists of, two categories of Agency RMBS: (i) traditional pass-through Agency RMBS, such as mortgage pass-through certificates and collateralized mortgage obligations issued by Fannie Mae, Freddie Mac or Ginnie Mae, and (ii) structured Agency RMBS, such as IOs, IIOs and POs, among other types of structured Agency RMBS. The Company is managed by Bimini Advisors, LLC, an investment adviser registered with the SEC.

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Orchid Island Capital, Inc. Announces Pricing of Public Offering of Common Stock Orchid Island Capital, Inc. (NYSE:ORC) (the “Company”) announced today that it priced an underwritten public offering of 7,600,000 shares of its common stock for gross proceeds of approximately $40.3 million. The Company also granted the underwriter …

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