Chimera Investment Corporation Sponsors Two Identical Residential Mortgage Loan Securitizations Totaling $3.5 Billion
May 31 2016 - 4:05PM
Business Wire
On May 31, 2016, Chimera Investment Corporation (NYSE:CIM)
sponsored CIM 2016-2 and CIM 2016-3: collectively a $3.5 billion
securitization of seasoned residential mortgage loans. The mortgage
loans were acquired from an unaffiliated financial institution, and
have similar credit characteristics to the mortgage loans
underlying the CIM 2016-1 securitization completed on April 29,
2016.
Securities issued by the securitizations with an aggregate
balance of approximately $3.0 billion were sold in a private
placement to institutional investors. The senior securities issued
by the securitizations represented approximately 70% of the
respective capital structures and had an initial coupon of 2.94%.
Chimera retained subordinate interests in securities with an
aggregate balance of approximately $537 million. Chimera also
retained an option, with respect to each securitization, to call
the related outstanding notes of such securitization at any time
beginning in May 2020.
Other
Information
Chimera Investment Corporation invests in residential mortgage
loans, residential mortgage-backed securities, real estate-related
securities and various other asset classes. The Company’s principal
business objective is to generate income from the spread between
yields on its investments and its cost of borrowing and hedging
activities. The Company is a Maryland corporation that has elected
to be taxed as a real estate investment trust (“REIT”).
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Chimera Investment CorporationInvestor Relations,
866-315-9930www.chimerareit.com
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