By Paul A. Harris
St. Louis, Dec. 10 - American Home Mortgage Investment Corp. priced an upsized $75 million issue of series B cumulative redeemable perpetual preferred shares for $25 par per share on Thursday night to yield 9¼%, according to a syndicate source.
Price talk was 9 1/8% to 9¼%.
Friedman Billings Ramsey ran the books. Stifel Nicolaus, RBC Capital Markets and Advest were the co-managers.
The company upsized the deal from $50 million and increased the amount of shares to 3 million from 2 million.
Proceeds will be used to grow the business by adding more loans.
The Melville, N.Y., company is a mortgage lender and real estate investment trust.
| Issuer: | American Home Mortgage Investment Corp.
|
| Amount: | $75 million (increased from $50 million)
|
| Maturity: | Perpetual
|
| Security description: | Series B cumulative redeemable preferred stock
|
| Bookrunner: | Friedman Billings Ramsey
|
| Co-managers: | Stifel Nicolaus, RBC Capital Markets, Advest
|
| Dividend: | 9¼%
|
| Share amount: | 3 million (increased from 2 million)
|
| Price: | $25 par
|
| Yield: | 9¼%
|
| Call: | Callable at par on Dec. 15, 2009
|
| Greenshoe: | $450,000 (optional)
|
| Trade date: | Dec. 9
|
| Settlement date: | Dec. 15
|
| Listing: | New York Stock Exchange
|
| Expected ticker: | AHM Pfd B
|
| Price talk: | 9 1/8%-9¼%
|
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