New York Mortgage greenshoe exercise ups convertibles to $138 million

By Devika Patel

Knoxville, Tenn., Jan. 23 – Underwriters for New York Mortgage Trust Inc.'s offering of 6.25% five-year convertible senior notes exercised their over-allotment option in full for $18 million more of the convertibles, increasing the size of the issue to $138 million on Monday, according to an 8-K filing with the Securities and Exchange Commission.

As previously reported, the company sold the convertibles at par with a conversion premium of 10% on Wednesday in a registered, off-the-shelf offering via Nomura Securities International Inc.

The notes are non-callable.

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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