Impac Mortgage to convert $20 million in convertible promissory notes

By Wendy Van Sickle

Columbus, Ohio, Jan. 27 – Impac Mortgage Holdings, Inc. will exercise its option to convert its $20 million convertible promissory notes issued in April 2013 into common stock, according to a news release.

The company will issue 1,839,080 shares of common stock as a result of the conversion of the notes and will save $375,000 in quarterly interest payments beginning in April.

“We are excited to take advantage of our stock price performance, which allows for the early conversion of our convertible notes maturing in April 2018,” Joseph Tomkinson, Impac chairman and chief executive officer, said in the news release.

Impac Mortgage is a Newport Beach, Calif.-based real estate investment trust.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.