By Stephanie N. Rotondo
Seattle, Jan. 18 – New York Mortgage Trust Inc. priced an upsized $120 million of 6.25% five-year convertible senior notes at 96% of par with an initial conversion premium of 10% on Wednesday, according to a press release.
The offering came upsized from $100 million. Pricing was at the middle of the 6% to 6.5% coupon talk and at the cheap end of talk for a conversion premium of 10% to 15%. The discount was in line with talk for a price of 96.
The registered, off-the-shelf deal has an $18 million 13-day greenshoe, increased from $15 million originally. The issue was sold via Nomura Securities International Inc.
The conversion rate is 142.7144 shares per each $1,000 of notes, equal to $7.01 per share. The rate is subject to adjustment in the event of a fundamental change.
The notes are non-callable.
The notes 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.
| Issuer: | New York Mortgage Trust Inc.
|
| Securities: | Convertible senior notes
|
| Amount: | $120 million, increased from $100 million
|
| Greenshoe: | $18 million, increased from $15 million
|
| Maturity: | Jan. 15, 2022
|
| Bookrunner: | Nomura Securities International Inc.
|
| Coupon: | 6.25%
|
| Price: | 96% of par
|
| Par: | $1,000
|
| Call options: | None
|
| Conversion premium: | 10%
|
| Conversion price: | $7.01 per share
|
| Conversion rate: | 142.7144 shares per each $1,000 of notes
|
| Contingent conversion: | No
|
| Pricing date: | Jan. 18
|
| Settlement date: | Jan. 23
|
| Distribution: | Off the shelf
|
| Talk: | 6% to 6.25% coupon, with a 10% to 15% conversion premium
|
| Stock symbol: | Nasdaq: NYMT
|
| Stock price: | $6.37 as of Jan. 17 close
|
| Market capitalization: | $647.15 million
|
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