American Home Mortgage $75 million preferred talked at 9¼%-9½%

By Paul A. Harris

St. Louis, June 23 - American Home Mortgage Investment Corp.'s proposed $75 million offering of series A cumulative redeemable preferred stock is talked to pay 9¼% to 9½%, according to a syndicate source.

The Melville, N.Y., mortgage real estate investment trust expects to sell 3 million shares at $25.00 per share on Thursday.

Citigroup is the bookrunner. Friedman Billings Ramsey, Lehman Brothers, Bear Stearns & Co. and Stifel Nicholas are co-managers.

The preferreds, which will come with five years of call protection, will be listed on New York Stock Exchange.

Proceeds will be used for general corporate purposes, including mortgage-backed securities investments, and also for possible debt repayment.

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