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Invesco Mortgage Capital, 7.75% Fixed/Float Series B Cumul Red Preferred Stock
Ticker Symbol: IVR-B CUSIP: 46131B407 Exchange: NYSE
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Invesco Mortgage Capital, Inc., 7.75% Fixed-to-Floating Series B Cumulative Redeemable Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 12/27/2024 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 7.75% per annum ($1.9375 per annum or $0.484375 per quarter) will be paid quarterly on 3/27, 6/27, 9/27 & 12/27 to holders of record on the record that will be the fifth calendar day of the month in which the payment is due (NOTE: the ex-dividend date is one business day prior to the record date). From, and including, 12/27/2024 and thereafter, the issuer will pay cumulative dividends at a floating rate equal to three-month LIBOR plus a spread of 5.18% per annum. Upon the occurrence of a change of control the company will have the option within 120 days to redeem the preferred shares at $25 per share plus accrued and unpaid dividends. If the company has exercised their redemption right, the holders will NOT have the following conversion right. Upon the occurrence of a change of control, and the company has NOT provided notice that they intend to redeem the preferred shares, the holder will have the right to convert the preferred shares into common shares under certain circumstances (see the prospectus for details). Dividends paid by preferreds issued by REITs are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (IVR)
Notes: May 9, 2020 -- the Company's board of directors determined that the Company would proceed with the payment of the previously declared cash dividends on the Company's 7.75% Series A Cumulative Redeemable Preferred Stock (the "Series A Preferred Stock"), 7.75% Fixed-to-Floating Series B Cumulative Redeemable Preferred Stock (the "Series B Preferred Stock"), and 7.50% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock (the "Series C Preferred Stock"). Payment of the Series A Preferred Stock cash dividend of $0.4844 per share that was declared on March 17, 2020 for stockholders of record as of April 1, 2020, will be made on May 22, 2020. Payment of the Series B Preferred Stock cash dividend of $0.4844 per share, and payment of the Series C Preferred Stock cash dividend of $0.46875 per share, each of which was declared on February 18, 2020 for stockholders of record as of March 5, 2020, will also be made on May 22, 2020. On May 9, 2020, the Company's board of directors also declared the following cash dividends on its Series B and Series C Preferred Stock to its stockholders of record as of June 5, 2020: a Series B Preferred Stock dividend of $0.4844 per share payable on June 29, 2020, and a Series C Preferred Stock dividend of $0.46875 per share payable on June 29, 2020. _________________ March 24, 2020 -- Invesco Mortgage Capital Inc. (the "Company") (NYSE: IVR) announced today that in recent weeks, due to the turmoil in the financial markets resulting from the global pandemic of the COVID-19 virus, the Company and its subsidiaries have received an unusually high number of margin calls from financing counterparties. Through Friday, March 20, 2020, the Company had timely met all margin calls received. However, on Monday afternoon, March 23, 2020, the Company notified its financing counterparties that it was not in a position to fund the margin calls that it received on March 23, 2020, and that the Company did not expect to be in a position to fund the anticipated volume of future margin calls under its financing arrangements in the near term as a result of market disruptions created by the COVID-19 pandemic. The Company further announced that it is engaged in discussions with its financing counterparties with regard to entering into forbearance agreements pursuant to which each counterparty would agree to forbear from exercising its rights and remedies with respect to an event of default under the applicable financing arrangement for an agreed-upon period. The Company cannot predict whether its financing counterparties will enter into a forbearance agreement, the timing of any such agreement, or the terms thereof. In addition, in order to preserve liquidity until it can more accurately assess the impact that current market conditions in fixed income markets will have on the Company's balance sheet and overall liquidity, the Company announced that it will delay the payment of its previously announced quarterly cash dividends on the Company's common stock, 7.75% Series A Cumulative Redeemable Preferred Stock, 7.75% Fixed-to-Floating Series B Cumulative Redeemable Preferred Stock and 7.50% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock. The quarterly cash dividend of $0.50 per share on the Company's common stock had been declared on March 17, 2020 and was to be paid on April 28, 2020 to all stockholders of record as of March 30, 2020. The Series A Preferred Stock dividend of $0.4844 per share had been declared on March 17, 2020 and was to be paid on April 27, 2020 to stockholders of record as of April 1, 2020. The quarterly dividends on the Series B Preferred Stock and Series C Preferred Stock were payable on March 27, 2020, to stockholders of record as of March 5, 2020.
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IPO - 9/4/2014 - 6.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: IVSGP Changed: 9/12/2014
Market Value $100.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 1555 Peachtree Street, N.E., Suite 1800, Atlanta, GA 30309 |
| Main Phone Number |
404-892-0896 |
| Fax Number |
Not Available |
| Investor Relations
Jack Bateman
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404-439-3323
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| Toll Free Phone Number |
800-241-5477 |
| CEO - John M Anzalone |
CFO - Richard Lee Phegley Jr. |
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