GLEN ALLEN, Va.--(BUSINESS WIRE)--Dynex Capital, Inc. (NYSE: DX) announced today that it priced a public offering of 4 million shares of Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share for total expected gross proceeds of $100 million before underwriting discounts and commissions and offering expenses. The Company granted the underwriters in the offering a 30-day option to purchase up to an additional 600,000 shares of the Series C Preferred Stock. The offering is subject to customary closing conditions and is expected to close on February 21, 2020. The Company intends to apply to list the Series C Preferred Stock on the New York Stock Exchange.

The Company intends to use the net proceeds it receives from the offering to redeem all of its outstanding Series A Cumulative Redeemable Preferred Stock and for general corporate purposes, which may include, among other things, repayment of maturing obligations, capital expenditures and working capital.

J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Keefe, Bruyette & Woods, Inc. are acting as the joint book-running managers for the offering. Ladenburg Thalmann & Co. Inc. and JonesTrading Institutional Services LLC are acting as the co-managers for the offering.

Company Description

Dynex Capital, Inc. is an internally managed real estate investment trust which invests in mortgage assets on a leveraged basis. The Company invests in Agency and non-Agency RMBS, CMBS, and CMBS IO.