Bookrunners UBS Securities, Barclays, Credit Suisse Securities assist
By Devika Patel
Knoxville, Tenn., Jan. 9 - New York Mortgage Trust, Inc. said the underwriters for its public offering of stock opted to exercise the deal's $10.22 million greenshoe in full for total proceeds of $78.32 million. The deal was announced Jan. 6 and priced for $68.1 million with the greenshoe on Jan. 7.
The company will sell 11.5 million common shares at $6.81 apiece. The price per share is a 3.27% discount to the Jan. 6 closing share price of $7.04. Of the shares, 1.5 million are part of the fully exercised greenshoe.
UBS Securities LLC, Barclays and Credit Suisse Securities (USA) LLC are the joint bookrunning managers.
Settlement is expected Jan. 10.
Proceeds will be used to acquire distressed residential loans and invest in multi-family commercial mortgage-backed securities, mezzanine loans and preferred equity investments as well as for general working capital purposes, including debt repayment.
New York Mortgage is a New York-based real estate investment trust.
| Issuer: | New York Mortgage Trust, Inc.
|
| Issue: | Common stock
|
| Amount: | $78,315,000 (including $10,215,000 greenshoe)
|
| Shares: | 11.5 million
|
| Price: | $6.81
|
| Warrants: | No
|
| Bookrunners: | UBS Securities LLC, Barclays and Credit Suisse Securities (USA) LLC
|
| Co-lead managers: | Keefe, Bruyette & Woods, Inc. and RBC Capital Markets, LLC
|
| Co-managers: | JMP Securities LLC and Ladenburg Thalmann & Co. Inc.
|
| Announcement date: | Jan. 6
|
| Pricing date: | Jan. 7
|
| Settlement date: | Jan. 10
|
| Stock symbol: | Nasdaq: NYMT
|
| Stock price: | $7.04 at close Jan. 6
|
| Market capitalization: | $434.16 million
|
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