NEW YORK, Jun 24, 2010 (BUSINESS WIRE) --Cypress Sharpridge Investments, Inc. (NYSE: CYS) announced that it
priced a public offering of 9,500,000 shares of its common stock at a
public offering price of $12.50 per share for total gross proceeds
(before the underwriting discount and commissions and estimated
expenses) of approximately $118.75 million. The Company has granted the
underwriters an option for 30 days to purchase up to an additional
1,425,000 shares of common stock. The offering is subject to customary
closing conditions and is expected to close on June 30, 2010.
The Company intends to invest the net proceeds of the offering in Agency
RMBS and for general corporate purposes.
Barclays Capital Inc. is the sole book runner for the offering. JMP
Securities LLC and Stifel, Nicolaus & Company, Incorporated are co-lead
managers and Oppenheimer & Co. Inc. is a co-manager for the offering.
The offering will be made pursuant to the Company's existing shelf
registration statement previously filed with and declared effective by
the Securities and Exchange Commission. This press release is neither an
offer to sell nor a solicitation of an offer to buy shares of common
stock. The offering of common stock will be made only by means of a
prospectus and a related prospectus supplement. A copy of the final
prospectus and the related prospectus supplement may be obtained by
contacting Barclays Capital Inc., by mail c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by email at Barclaysprospectus@broadridge.com
or by telephone at 1 (888) 603-5847.
About Cypress Sharpridge Investments, Inc.
Cypress Sharpridge Investments, Inc. is a specialty finance company that
invests on a leveraged basis exclusively in whole-pool residential
mortgage pass-through certificates for which the principal and interest
payments are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae.
Cypress Sharpridge Investments has elected to be taxed as a real estate
investment trust for federal income tax purposes.
Forward Looking Statements Disclaimer
This press release contains "forward-looking statements" made pursuant
to the safe harbor provisions of the Private Securities Reform Act of
1995, including with regard to the completion of the Company's offering
of common stock and the anticipated use of proceeds. Forward-looking
statements typically are identified by use of the terms such as
"believe," "expect," "anticipate," "estimate," "plan," "continue,"
"intend," "should," "may" or similar expressions. Forward-looking
statements are based on our beliefs, assumptions and expectations of our
future performance, taking into account all information currently
available to us. No assurance can be given that the offering discussed
above will be completed on the terms described or at all, or that the
net proceeds of the offering will be used as indicated. Completion of
the offering on the terms described, and the application of the net
proceeds of the offering, are subject to numerous possible events,
factors and conditions, many of which are beyond the control of the
Company and not all of which are known to us, including, without
limitation, market conditions and those described in our Annual Report
on Form 10-K for the fiscal year ended December 31, 2009, and our
Quarterly Report on Form 10-Q for the fiscal quarter ended March 31,
2010, each of which has been filed with the Securities and Exchange
Commission. All forward-looking statements speak only as of the date on
which they are made. New risks and uncertainties arise over time, and it
is not possible to predict those events or how they may affect us.
Except as required by law, we are not obligated to, and do not intend
to, update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise.
SOURCE: Cypress Sharpridge Investments, Inc.
Cypress Sharpridge Investments, Inc.
Richard E. Cleary, 212-612-3210
Chief Operating Officer
