New Issue: American Home Mortgage reopens 9¾% preferred issue, prices $16.25 million

By Paul Deckelman

New York, July 15 -American Home Mortgage Investment Corp. reopened its recently priced issue of series A cumulative redeemable preferred stock, selling another 650,000 of the $25 par shares for total proceeds of $16.25 million, according to syndicate sources.

Citigroup ran the books for the public offering. The co-managers were Bear Stearns & Co., Friedman Billings Ramsey, Lehman Brothers and Stifel, Nicolaus & Co.

The company, a Melville, N.Y. -based, mortgage real estate investment trust, had priced $35 million of the shares on June 29 - downsized from the $75 million originally talked around the market.

Proceeds will be used for general corporate purposes, including investing in mortgage-backed securities.

Issuer:	American Home Mortgage Investment Corp.
Amount:	$16.25 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:		650,000
Call protection:	Callable July 7, 2009 onwards at par
Ratings:	Unrated
Listing exchange:	AHM Pr A on New York Stock Exchange

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