Accredited Mortgage Loan REIT to price $50 million of perpetual preferreds

By Paul A. Harris

St. Louis, Aug. 2 - Accredited Mortgage Preferred Loan Real Estate Investment Trust expects to price a $50 million offering of perpetual preferred shares on Thursday, according to a syndicate source.

Accredited Mortgage, a subsidiary of Accredited Home Lenders, plans to sell 2 million $25 shares at par.

A mini-roadshow will be conducted for the deal during the early part of this week.

Friedman Billings Ramsey and Bear Stearns & Co. are the bookrunners. Stifel Nicolaus, Advest, Flagstone and JMP are the co-managers.

Price talk is pending, according to the source, who said the offering is from a $100 million shelf and could therefore be upsized.

The shares will come with five years of call protection and will be listed on the New York Stock Exchange.

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