Update–The OTC Grey Market symbol has been announced as ARMRP.
mREIT Armour Residential REIT (ARR) has priced their new issue of perpetual preferred stock.
The issue priced at 7.00%–once again lower than the earlier ‘yield talk’.
The issue will be cumulative, non qualified and optionally redeemable starting in January, 2025. This issue will pay a monthly dividend.
The company will be calling a portion of the ARR-B with the proceeds. Initially the company estimated calling 30% of the 6.210 million shares of the B issue, but it looks like they will be able to call as much as approximately 50% if desired as they are selling 3.45 million of the new issue.