New York Mortgage eyes $100 million five-year convertible at 96% of par, 6%-6.5% coupon, up 10%-15%

By Rebecca Melvin

New York, Jan. 17 – New York Mortgage Trust Inc. plans to price $100 million of five-year convertible senior notes at 96% of par after the market close on Tuesday. The offering was being talked at a coupon of 6% to 6.5% and an initial conversion premium of 10% to 15%, according to market sources.

The registered, off-the-shelf deal has a $15 million greenshoe and was being sold via Nomura Securities International, Inc. acting as bookrunning manager.

The notes are non-callable and will be physically settled.

Proceeds will be used to acquire targeted assets and for general working capital purposes, which may include the repayment of debt.

New York Mortgage is a New York-based real estate investment trust focused on mortgage-related assets and financial assets.

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