NEWPORT BEACH, Calif., Feb. 6 /PRNewswire-FirstCall/ -- Impac Mortgage Holdings, Inc. (NYSE: IMH), or the "Company", a Maryland corporation taxed as a Real Estate Investment Trust ("REIT"), announced today that it has priced a public offering of 5.0 million shares of its common stock at a public offering price of $19.50 per share. Proceeds from the public offering are expected to be used for general corporate purposes. The aggregate net proceeds to the Company are estimated to be $92.5 million.
The public offering was lead managed by UBS Investment Bank, Friedman Billings Ramsey, Sandler O'Neill & Partners, L.P. and JMP Securities.
The Company has granted the underwriters an option, exercisable for 30 days, to purchase up to an additional 750,000 shares of common stock to cover over-allotments. If the underwriters' option is exercised, the additional net proceeds will be approximately $13.9 million. A copy of the prospectus supplement and accompanying prospectus may be obtained from UBS Investment Bank at 299 Park Avenue, New York, NY 10171 (telephone: 212-821-3000). This release shall not constitute an offer to sell or the solicitation of an offer to buy.
Impac Mortgage Holdings, Inc. is a mortgage real estate investment trust, which operates three core businesses: (1) the Long -Term Investment Operations, (2) the Mortgage Operations, and (3) the Warehouse Lending Operations. The Long -Term Investment Operations invests primarily in Alt-A mortgage loans. The Mortgage Operations acquires, originates, sells and securitizes primarily Alt-A mortgage loans and the Warehouse Lending Operations provides short-term financing to mortgage loan originators. The Company is organized as a REIT for tax purposes, which generally allows it to pass through earnings to stockholders without federal income tax at the corporate level.
For Further Information Please Contact Investor Relations: Tania Jernigan at (949) 475-3722, or email email@example.com .
SOURCE Impac Mortgage Holdings, Inc. -0- 02/06/2004 /CONTACT: Tania Jernigan of Impac Mortgage Holdings, Inc., +1-949-475-3722, firstname.lastname@example.org / (IMH) CO: Impac Mortgage Holdings, Inc.; UBS Investment Bank; Friedman Billings Ramsey; Sandler O'Neill & Partners; L.P. and JMP Securities ST: California, Maryland IN: FIN RLT SU: OFR AC-CM -- LAF015 -- 7822 02/06/2004 09:00 EST http://www.prnewswire.com