By Paul A. Harris
St. Louis, June 29 - American Home Mortgage Investment Corp. priced a downsized $35 million issue of series A cumulative redeemable preferred stock on Tuesday, according to a syndicate source.
The company sold 1.2 million shares for $25 per share at par. The shares will pay a 9¾% coupon.
Price talk was 9¾%, having been revised from 9¼% to 9½%.
Citigroup ran the books for the public offering. The co-managers were Bear Stearns & Co., Friedman Billings Ramsey, Lehman Brothers and Stifel, Nicolaus & Co.
Proceeds will be used for general corporate purposes, including investing in mortgage-backed securities.
The issuer is a Melville, N.Y., mortgage real estate investment trust.
The issue was downsized from $75 million.
| Issuer: | American Home Mortgage Investment Corp.
|
| Amount: | $35 million, decreased from $75 million
|
| Maturity: | Perpetual
|
| Security description: | Series A cumulative redeemable preferred stock
|
| Bookrunner: | Citigroup
|
| Co-managers: | Bear Stearns & Co., Friedman Billings Ramsey, Lehman Brothers, Stifel, Nicolaus & Co.
|
| Coupon: | 9¾%
|
| Price: | $25 at par
|
| Share amount: | 1,200,000
|
| Call protection: | Callable on or after July 7, 2009 at par
|
| Pricing date: | June 29
|
| Settlement date: | July 7
|
| Ratings: | Unrated
|
| Listing exchange: | New York Stock Exchange
|
| Symbol: | AHM Pr A
|
| Price talk: | 9¾%, revised from 9¼%-9½%
|
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