Company offers 15,525,000 common shares via bookrunner Deutsche
By Devika Patel
Knoxville, Tenn., Oct. 4- New York Mortgage Trust, Inc. said the underwriters for its public sale of stock have elected to exercise the offering's $13.95 million greenshoe in full for total proceeds of $106.97 million. The deal was announced on Oct. 2 and priced for $93.02 million with the $13.95 million greenshoe on Oct. 3.
The company will sell 15,525,000 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. Of the shares, 2,025,000 are part of the fully exercised greenshoe.
Deutsche Bank Securities Inc. is the bookrunning manager.
Settlement is expected on Oct. 9.
Proceeds will be used to acquire certain 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: | $106,967,250 (including $13,952,250 greenshoe)
|
| Shares: | 15,525,000
|
| 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: | $156.68 million
|
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