New York Mortgage Trust Announces Proposed Public Offering of Senior Convertible Notes Due 2022
January 17 2017 - 7:00AM
New York Mortgage Trust, Inc. (Nasdaq:NYMT) (the “Company”)
announced today that it intends to make a public offering, subject
to market conditions, of $100.0 million aggregate principal amount
of its senior convertible notes due 2022 (the “Notes”). The Company
intends to grant the underwriter a 13-day option to purchase up to
$15.0 million aggregate principal amount of additional Notes to
cover over-allotments, if any.
The Notes will pay interest semiannually and are
expected to mature on January 15, 2022, unless earlier converted or
repurchased. The Company will not have the right to redeem
the Notes prior to maturity. Holders of the Notes will be permitted
to convert their Notes into shares of the Company’s common stock at
any time prior to the close of business on the business day
immediately preceding the maturity date. The interest rate, initial
conversion rate and other terms of the Notes will be determined at
the time of the pricing of the offering.
The Company intends to use the net proceeds of
the offering to acquire its targeted assets and for general working
capital purposes, which may include the repayment of
indebtedness.
Nomura Securities International, Inc. is acting
as sole book-running manager for the offering.
The offering will be made pursuant to an
effective shelf registration statement, including a prospectus and
related prospectus supplement, filed by the Company with the
Securities and Exchange Commission (the “SEC”).
These documents may be obtained for free by
visiting the SEC’s website at http://www.sec.gov.
Alternatively, a copy of the preliminary prospectus
supplement and accompanying prospectus related to the offering may
be obtained, when available, by contacting:
Nomura Securities International, Inc.Attention: Equity
SyndicateWorldwide Plaza 309 West 49th Street, 5th FloorNew York,
New York 10019-7316(212) 667-9562
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful.
About New York Mortgage
Trust
New York Mortgage Trust, Inc. is a Maryland
corporation that has elected to be taxed as a real estate
investment trust ("REIT") for federal income tax purposes. The
Company is an internally managed REIT which invests in
mortgage-related and financial assets and targets residential
mortgage loans, including second mortgages and loans sourced from
distressed markets, multi-family CMBS, direct financing to owners
of multi-family properties through mezzanine loans and preferred
equity investments and other commercial real estate-related
investments and non-Agency RMBS. The Midway Group, L.P. and
Headlands Asset Management, LLC provide investment management
services to the Company with respect to certain of its asset
classes.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995.
Forward-looking statements are based on our beliefs,
assumptions and expectations of our future performance, taking into
account all information currently available to us. For
example, the fact that this offering has launched may imply that
this offering will price and close, but the pricing and closing are
subject to market conditions and conditions customary in
transactions of this type and may be delayed or may not occur at
all. No assurance can be given that the offering discussed above
will price or will be completed on the terms described or at all,
or that the net proceeds of the offering will be used as indicated.
The beliefs, assumptions and expectations on which the
forward-looking statements are based are subject to risks and
uncertainties and can change as a result of many possible events or
factors, not all of which are known to us, including those
described in our Annual Report on Form 10-K for the fiscal year
ended December 31, 2015, which has been filed with the SEC.
If a change occurs, these forward-looking statements may vary
materially from those expressed in this release. All
forward-looking statements speak only as of the date on which they
are made. Except as required by law, we are not obligated to, and
do not intend to, update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
For Further Information
AT THE COMPANY
Kristine R. Nario
Chief Financial Officer
Phone: 646-216-2363
Email: knario@nymtrust.com
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