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Bethesda based American Capital prices share offer at $28 each

BETHESDA — American Capital Agency Corp. said it had priced its public offering of 23.4 million shares at $28 per share, and expects it to generate net proceeds of approximately $625 million after expenses.

The offered price announced late Thursday was 2.2 percent below its closing price that day of $28.64. Its shares slipped 7 cents to $28.57 in morning trading Friday.

The Bethesda, Md.-based real estate investment trust expects to use the proceeds to acquire additional shares and for general corporate purposes.

In connection with the offering, the company also said it has given underwriters a 30-day option to purchase up to 3.5 million addition shares to cover any over-allotments.

The offering is expected to close on Jan. 20.

Bank of America Merrill Lynch, Citi, Deutsche Bank Securities and UBS Investment Bank are joint book-running managers for the offering. JPMorgan Securities LLC and Wells Fargo Securities LLC are co-lead managers for the offering, and Mitsubishi UFJ Securities, Nomura, RBC Capital Markets and Wunderlich Securities are co-managers for the offering.