NEW YORK, Feb. 25, 2020 /PRNewswire/ -- MFA Financial, Inc.
(NYSE:MFA) (the "Company") announced today the pricing of an
underwritten public offering of 11.0 million shares of its 6.50%
Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred
Stock (the "Series C Preferred Stock"), liquidation preference
$25.00 per share, for gross proceeds
of approximately $275 million before
deducting the underwriting discount and other estimated offering
expenses. The offering is expected to close on March 2, 2020 and is subject to customary closing
conditions. The Company has granted the underwriters an option to
purchase up to an additional 1.65 million shares of Series C
Preferred Stock solely to cover over-allotments. The Company
intends to apply to list the Series C Preferred Stock on the New
York Stock Exchange under the symbol "MFA PrC."
The Company intends to use the net proceeds of the offering to
first (i) redeem all of the $100
million aggregate principal amount outstanding of its 8.00%
Senior Notes due 2042, plus accrued and unpaid interest, and then
(ii) to redeem a portion of its outstanding 7.50% Series B
Cumulative Redeemable Preferred Stock, with an aggregate
liquidation preference of approximately $165
million, plus accrued and unpaid dividends. This press
release does not constitute a notice of redemption of the Company's
8.00% Senior Notes due 2042 or the Company's 7.50% Series B
Cumulative Redeemable Preferred Stock.
Morgan Stanley, Goldman Sachs & Co. LLC, J.P. Morgan, RBC
Capital Markets, UBS Investment Bank, Wells Fargo Securities, LLC
and Keefe, Bruyette & Woods, A Stifel Company are joint
book-running managers for the offering.
The Series C Preferred Stock is being offered under the
Company's existing shelf registration statement filed with the
Securities and Exchange Commission. The offering of the Series C
Preferred Stock is being made only by means of a prospectus and a
related prospectus supplement, a copy of which may be obtained by
contacting:
Morgan Stanley & Co. LLC
180 Varick St., 2nd Floor
New York, New York 10014
Attention: Prospectus Department
Or by telephone: (866) 718-1649
Or by email: prospectus@morganstanley.com
Goldman Sachs & Co. LLC
Attention: Prospectus Department
200 West Street
New York, NY 10282
Or by telephone: 866-471-2526
Or by email: prospectus-ny@ny.email.gs.com
J.P. Morgan Securities LLC
Attention: Investment Grade Syndicate Desk
383 Madison Avenue
New York, NY 10179
Or by telephone: 212-834-4533
RBC Capital Markets, LLC
Attention: Transaction Management
200 Vesey Street
8th Floor
New York, NY 10281-8098
Or by telephone: 866-375-6829
Or by email: rbcnyfixedincomeprospectus@rbccm.com
UBS Securities LLC
Attention: Prospectus Department
1285 Avenue of the Americas
New York, NY 10019
Or by telephone: 888-827-7275
Wells Fargo Securities, LLC,
Attention: WFS Customer Service
608 2nd Avenue South, Suite 1000
Minneapolis, MN 55402,
Or by telephone: 1-800-645-3751
Or by email at wfscustomersupport@wellsfargo.com
Keefe, Bruyette & Woods, Inc.
Attention: Capital Markets
787 Seventh Avenue, 4th Floor
New York, NY 10019
Or by telephone: 800-966-1559
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the Series C Preferred Stock or any
other securities, nor shall there be any sale of such Series C
Preferred Stock 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 MFA Financial, Inc.
MFA Financial, Inc. is a real estate investment trust primarily
engaged in the business of investing, on a leveraged basis, in
residential mortgage assets, including residential mortgage-backed
securities and residential whole loans.
Forward-Looking Statements
This press release contains forward looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
and other federal securities laws. Forward-looking statements
involve numerous risks and uncertainties. The Company's actual
results may differ from the Company's beliefs, expectations,
estimates and projections and, consequently, you should not rely on
these forward-looking statements as predictions of future events.
Forward-looking statements are not historical in nature and can be
identified by words such as "anticipate," "estimate," "will,"
"should," "expect," "believe," "intend," "seek," "plan" and similar
expressions or their negative forms, or by references to strategy,
plans, or intentions. Forward-looking statements are based on the
Company's beliefs, assumptions and expectations of the Company's
future performance, taking into account information currently
available to it. No assurance can be given that the offering
discussed above will be consummated, or that the net proceeds of
the offering will be used as indicated. Consummation of the
offering and the application of the net proceeds of the offering
are subject to numerous possible events, factors and conditions,
many of which are beyond the control of the Company and not all of
which are known to it, including, without limitation, market
conditions and those described under the heading "Risk Factors" in
the prospectus supplement relating to the offering and in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2019, which can be
accessed at the Securities and Exchange Commission's website
at www.sec.gov. All forward-looking statements speak only as
of the date on which they are made. New risks and uncertainties
arise over time, and it is not possible to predict those events or
how they may affect the Company. The Company undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise, except as required by law.
Investor
Contact:
|
InvestorRelations@mfafinancial.com
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|
MFA Investor
Relations
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212-207-6488
|
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SOURCE MFA Financial, Inc.