Angel Oak Mortgage REIT announces $50M offering of 9.500% Senior Notes due 2029

Angel Oak Mortgage REIT, Inc.

$50.0M aggregate principal of 9.500% Senior Notes due 2029; fully guaranteed by Angel Oak Mortgage Operating Partnership.
Net proceeds estimated at ~$47.7M after underwriting discount and expenses; expected closing July 25, 2024.
Intends to use ~$20M to repurchase ~1.7M shares of common stock from Xylem Finance LLC, an affiliate of Davidson Kempner Capital Management.
Remainder of net proceeds for general corporate purposes, including acquisition of non-qualified residential mortgage loans.
Underwriting agreement with RBC Capital Markets, UBS Securities, Wells Fargo Securities, and Piper Sandler & Co. as representatives.

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