Impac Mortgage to extend convertibles by six months, reduce coupon

By Wendy Van Sickle

Columbus, Ohio, April 9 – Impac Mortgage Holdings Inc. has entered into a term sheet under which it will extend its $25 million convertible promissory notes due May 9 by six months to Nov. 9, 2020, according to a news release.

The interest rate will be reduced during that period to 7% from 7.5%.

The notes were originally issued pursuant to a note purchase agreement dated May 8, 2015.

The holders of the notes will be issued five-year warrants to purchase up to an aggregate of 212,649 shares of the company’s common stock at an exercise price equal to 120% of the 20-day weighted average trading price as of the last business day prior to the date of issuance.

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

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