By Sheri Kasprzak
New York, April 6 - Delta Financial Corp. said it has negotiated a $20,625,000 private placement of stock.
The company plans to sell 2.5 million shares at $8.25 each to new and existing institutional investors. The shares are priced at a 9% discount to the company's $9.07 closing stock price on April 5.
The deal is slated to close April 10.
Proceeds will be used for working capital and general corporate purposes.
JMP Securities LLC was the lead placement agent and Roth Capital Partners, LLC and SunTrust Capital Markets, Inc. were co-agents.
Located in Woodbury, N.Y., Delta Financial is a specialty consumer finance company. The company sells non-conforming mortgage loans.
| Issuer: | Delta Financial Corp.
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| Issue: | Stock
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| Amount: | $20,625,000
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| Shares: | 2.5 million
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| Price: | $8.25
|
| Warrants: | No
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| Pricing date: | April 5
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| Settlement date: | April 10
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| Placement agents: | JMP Securities LLC (lead), Roth Capital Partners, LLC, SunTrust Capital Markets, Inc.
|
| Stock symbol: | Amex: DFC
|
| Stock price: | $9.07 at close April 5
|
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