NEW YORK (July 22, 2011) — International law firm McDermott Will & Emery LLP today announced that it successfully represented AG Mortgage Investment Trust, Inc. (NYSE: MITT), a newly formed real estate investment trust (REIT), in its initial public offering (IPO) of common stock. AG Mortgage Investment Trust was sponsored by Angelo, Gordon & Co., L.P., an alternative asset manager with over $23 billion in assets under management and a proven track record in the mortgage-backed securities market. An affiliate of Angelo, Gordon will act as AG Mortgage Investment Trust’s external manager.
As many as ten different alternative asset managers have filed to bring public similar REIT vehicles in 2011 to try to take advantage of favorable market conditions created by the U.S. government led reform of the housing finance sector, including the anticipated wind down of Freddie Mac and Fannie Mae. Speed to market was critical, and the McDermott team played a key role in enabling AG Mortgage Investment Trust to be the first in the 2011 class of mortgage REIT IPO candidates to successfully complete its IPO.
“We are extremely proud of the great work our team has done on behalf of Angelo, Gordon and AG Mortgage Investment Trust,” said Stephen E. Older, lead partner on the transaction. “By leveraging our capital markets, SEC regulatory (including Investment Company Act) and REIT tax expertise, we were able to help our client quickly navigate through the SEC review process to reach the market.”
The $200 million offering was comprised of a $126 million IPO underwritten by a syndicate of underwriters led by Deutsche Bank Securities Inc., Stifel Nicolaus Weisel and RBC Capital Markets, and a concurrent $74 million private placement. AG Mortgage Investment Trust will acquire and manage a diversified portfolio of residential mortgage assets, including Agency and non-Agency residential mortgage-backed securities.
The McDermott transaction team, which was also led by securities partner Thomas P. Conaghan, benefitted from McDermott’s full-service platform. In addition to McDermott’s capital markets team, the transaction team included experts in REIT taxation, the Investment Company and Investment Advisers Act (the “40 Acts”), executive compensation and ERISA.
The extended McDermott team included partners Jonathan J. Boyles, Edwin (Ted) C. Laurenson, Jonathan Rochwarger, Blake D. Rubin, Joel L. Rubinstein, Matthew K. White, Andrea M. Whiteway, counsel Anne (Polly) G. Plimpton, associates Christine Corkran, Ling Kong, Andrew Blair-Stanek, summer associate Christopher Bloom, and paralegals Shawn Alexander and Andrea Duncliffe.
About McDermott Will & Emery
McDermott Will & Emery is a premier international law firm with a diversified business practice. Numbering more than 1,000 lawyers, we have offices in Boston, Brussels, Chicago, Düsseldorf, Houston, London, Los Angeles, Miami, Milan, Munich, New York, Orange County, Paris, Rome, Silicon Valley and Washington, D.C. Extending our reach to Asia, we have a strategic alliance with MWE China Law Offices in Shanghai.