American Capital Agency Corp. Announces $500 Million Share Buyback
Program
BETHESDA, Md., Oct. 29, 2012 /PRNewswire/ -- American Capital
Agency Corp. (Nasdaq: AGNC) ("AGNC" or the "Company") announced
today that its Board of Directors has authorized the repurchase of
up to $500 million of its outstanding
shares of common stock through December
31, 2013. The Company stated that it would be its
intent only to repurchase shares when the repurchase price is less
than its estimate of the current net book value of a share of
common stock. When AGNC purchases its stock at a discount to
book value, it increases the per share book value of the remaining
shares.
Shares may be purchased in the open market, including through block
purchases, or through privately negotiated transactions, or
pursuant to any trading plan that may be adopted in accordance with
Rule 10b5-1 of the Securities and Exchange Commission. The
timing, manner, price and amount of any repurchases will be
determined in the Company's discretion and the program may be
suspended, terminated or modified at any time for any reason.
AGNC does not intend to repurchase any shares from directors,
officers or other affiliates. The program does not obligate
the Company to acquire any specific number of shares, and all
repurchases will be made in accordance with SEC Rule 10b-18, which
sets certain restrictions on the method, timing, price and volume
of stock repurchases.
For further information or questions, please contact our Investor
Relations Department at (301) 968-9300 or
IR@AGNC.com.
ABOUT AMERICAN CAPITAL AGENCY CORP.
American Capital Agency Corp. is a real estate investment trust
that invests in agency pass-through securities and collateralized
mortgage obligations for which the principal and interest payments
are guaranteed by a U.S. Government agency or a U.S.
Government-sponsored entity. The Company is externally managed and
advised by American Capital AGNC Management, LLC, an affiliate of
American Capital, Ltd. ("American Capital"). For further
information, please refer to www.AGNC.com.
ABOUT AMERICAN CAPITAL
American Capital is a publicly traded private equity firm and
global asset manager. American Capital, both directly and
through its asset management business, originates, underwrites and
manages investments in middle market private equity, leveraged
finance, real estate and structured products. American
Capital manages $17 billion of
assets, including assets on its balance sheet and fee earning
assets under management by affiliated managers, with $100 billion of total assets under management
(including levered assets). From its seven offices in the
U.S. and Europe, American Capital
and its affiliate, European Capital, will consider investment
opportunities from $10 million to $500
million. For further information, please refer to
www.AmericanCapital.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements.
Forward-looking statements are based on estimates, projections,
beliefs and assumptions of management of the Company at the time of
such statements and are not guarantees of future performance.
Forward-looking statements involve risks and uncertainties in
predicting future results and conditions. Actual results could
differ materially from those projected in these forward-looking
statements due to a variety of factors, including, without
limitation, changes in interest rates, changes in the yield curve,
changes in prepayment rates, the availability and terms of
financing, changes in the market value of our assets, general
economic conditions, market conditions, conditions in the market
for agency securities, and legislative and regulatory changes that
could adversely affect the business of the Company. Certain factors
that could cause actual results to differ materially from those
contained in the forward-looking statements, are included in the
Company's periodic reports filed with the Securities and Exchange
Commission ("SEC"). Copies are available on the SEC's website,
www.sec.gov. The Company disclaims any obligation to update or
revise any forward-looking statements based on the occurrence of
future events, the receipt or new information, or otherwise.
CONTACT: Investors – (301) 968-9300
SOURCE American Capital Agency Corp.