The shares have a liquidation preference of $25 each. Each represents a 1/1000th interest in a share of AGNC’s 7% series C fixed-to-floating rate cumulative redeemable preferred stock.
It will use net proceeds to redeem all of its 8% series A cumulative redeemable preferred stock.
Underwriters have a 30-day option to buy up to an additional 1.8M Depositary Shares.
Joint book-runners are Morgan Stanley, BofA Merrill Lynch, UBS Investment Bank, J.P. Morgan, RBC Capital Markets, and Keefe, Bruyette & Woods.