Impac Mortgage to redeem outstanding series B, C preferreds Nov. 15

By Mary-Katherine Stinson

Lexington, Ky., Oct. 28 – Impac Mortgage Holdings, Inc. will redeem all its outstanding 9.375% series B cumulative redeemable preferred stock (Cusip: 45254P300) and 9.125% series C cumulative redeemable preferred stock (Cusip: 45254P409), according to a press release Friday.

Each outstanding share of series B preferred stock will be redeemed for 30 shares of the company’s 8.25% series D cumulative redeemable preferred stock and 13.33 shares of the company’s common stock.

Each outstanding share of series C preferred stock will be redeemed for one share of new preferred stock, 1.25 shares of common stock and a 1.5 warrants to purchase the same number of shares of common stock at a purchase price of $5 per share.

The redemption date will be Nov. 15.

After the redemption, the preferreds will no longer be outstanding and all the rights of the holders will terminate, other than the rights of holders of series B preferred stock, if any, to receive amounts in connection with the matter Curtis J. Timm, et al. v Impac Mortgage Holdings, Inc., et al.

Questions regarding the redemption may be directed to the redemption agent American Stock Transfer & Trust Co., LLC (800 937-5449).

Impac is an Irvine, Calif., mortgage and warehouse lender.

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