Company offers 13.5 million common shares via bookrunner Deutsche Bank
By Devika Patel
Knoxville, Tenn., Oct. 3 - New York Mortgage Trust, Inc. said it priced a $93.02 million public sale of stock with a $13.95 million greenshoe. Plans for the deal were announced Tuesday.
The company will sell 13.5 million common shares at $6.89 apiece. The price per share is a 2.96% discount to the Oct. 2 closing share price of $7.10.
Deutsche Bank Securities Inc. is the bookrunning manager. The co-managers are Ladenburg Thalmann & Co. Inc and Maxim Group LLC
Settlement is expected Oct. 9.
Proceeds will be used to acquire some target assets, including agency residential mortgage-backed securities and commercial mortgage-backed securities collateralized by multi-family loans, and for general working capital purposes, including opportunistic purchases of residential mortgage loans and commercial real estate-related debt investments and debt repayment.
New York Mortgage is a New York-based real estate investment trust.
| Issuer: | New York Mortgage Trust, Inc.
|
| Issue: | Common stock
|
| Amount: | $93,015,000
|
| Greenshoe: | $13,952,250
|
| Shares: | 13.5 million
|
| Price: | $6.89
|
| Warrants: | No
|
| Bookrunner: | Deutsche Bank Securities Inc.
|
| Co-managers: | Ladenburg Thalmann & Co. Inc and Maxim Group LLC
|
| Announcement date: | Oct. 2
|
| Pricing date: | Oct. 3
|
| Settlement date: | Oct. 9
|
| Stock symbol: | Nasdaq: NYMT
|
| Stock price: | $7.20 at close Oct. 2
|
| Market capitalization: | $156.23 million
|
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