Armour Residential Reit is commencing an underwritten public offering of its Series B Cumulative Redeemable Preferred Stock.

Armour expects to grant the underwriters a 30-day option to purchase additional shares to cover overallotments, if any.

The company has applied to list the Series B preferred stock on the New York Stock Exchange under the symbol ARR PrB.

Citigroup Global Markets, UBS Securities and Deutsche Bank Securities  are acting as joint book-running managers of the offering. Barclays Capital, Credit Suisse Securities (USA), JP Morgan Securities, MLV & Co, JMP Securities, Ladenburg Thalmann, Maxim Group and National Securities Corporation are acting as co-managers.

The company intends to use the net proceeds of the offering to acquire additional agency securities as market conditions warrant and for general corporate purposes.