FX.co ★ Angel Oak Mortgage Announces Public Offering Of Senior Notes Due 2029

On Thursday, Angel Oak Mortgage REIT, Inc. (AOMR) declared its intention to launch an underwritten public offering of senior notes, set to mature in 2029.

These notes will carry a senior unsecured guarantee from Angel Oak Mortgage Operating Partnership, LP, which is the primary holder of the Company’s assets and the core operator of its business activities.

The primary portion of the net proceeds from this offering is earmarked for general corporate purposes. This may include the acquisition of non-qualified residential mortgage loans and other target assets, primarily sourced from its affiliated proprietary mortgage lending platform or the secondary market.

Furthermore, the Company plans to allocate part of the net proceeds to repurchase between $5.0 million and $20.0 million worth of its common stock, currently held by Xylem Finance LLC, an affiliate of Davidson Kempner Capital Management LP.