New York Mortgage Trust Announces Pricing of Upsized Public Offering of Common Stock
January 08 2019 - 7:09PM
New York Mortgage Trust, Inc. (Nasdaq: NYMT) (“NYMT” or the
“Company”) announced today that it priced an upsized underwritten
public offering of 12,600,000 shares of its common stock at a
public offering price of $5.96 per share. NYMT also granted the
underwriters a 30-day option to purchase up to an additional
1,890,000 shares of common stock. The offering is expected to
close on January 11, 2019, subject to customary closing conditions.
Morgan Stanley, Credit Suisse, Barclays, Deutsche Bank Securities,
J.P. Morgan, Keefe, Bruyette & Woods, A Stifel Company, RBC
Capital Markets, UBS Investment Bank and Raymond James acted as
joint bookrunning managers for the offering.
NYMT estimates that the net proceeds from the
offering will be approximately $72.8 million (or approximately
$83.8 million if the underwriters exercise in full their option to
purchase additional shares) after deducting the underwriting
discounts and commissions and its estimated offering expenses. NYMT
intends to use the net proceeds of this offering for general
business purposes, which may include, among other things, acquiring
its targeted assets, including both single-family residential and
multi-family credit investments, and various other types of
mortgage-related and residential housing-related assets that the
Company may target from time to time and general working capital
purposes.
The offering was made pursuant to the Company's
existing shelf registration statement, which automatically became
effective upon filing with the Securities and Exchange Commission
(the "SEC") on August 9, 2018. The offering of these securities was
made only by means of a prospectus and a related prospectus
supplement, which will be filed with the SEC. Copies of the
prospectus and prospectus supplement related to this offering may
be obtained, when available, from Morgan Stanley & Co. LLC,
Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New
York, NY 10014, and Credit Suisse Securities (USA) LLC, Attention:
Prospectus Department, One Madison Avenue, New York, NY 10010
or by telephone: 800-221-1037 or by
email: newyork.prospectus@credit-suisse.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy the shares or any
other securities, nor shall there be any sale of such shares or any
other securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
other jurisdiction.
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 for federal income tax purposes
(“REIT”). NYMT is an internally managed REIT in the business of
acquiring, investing in, financing and managing mortgage-related
and residential housing-related assets and targets multi-family
CMBS, direct financing to owners of multi-family properties through
preferred equity and mezzanine loan investments, residential
mortgage loans, including non-QM loans, second mortgages and other
newly originated residential mortgage loans and loans sourced from
distressed markets, non-Agency RMBS, Agency RMBS and other
mortgage-related and residential housing-related investments.
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 involve numerous risks and uncertainties. The Company’s
actual results may differ from the Company’s beliefs, expectations,
estimates, and projections and, consequently, you should not rely
on these forward-looking statements as predictions of future
events. Forward-looking statements are not historical in nature and
can be identified by words such as “anticipate,” “estimate,”
“will,” “should,” “expect,” “believe,” “intend,” “seek,” “plan” and
similar expressions or their negative forms, or by references to
strategy, plans, or intentions. Forward-looking statements are
based on the Company’s beliefs, assumptions and expectations of the
Company’s future performance, taking into account all information
currently available to it. No assurance can be given that the
offering discussed above will be completed on the terms described
or at all, or that the net proceeds of the offering will be used as
indicated. Completion of the offering on the terms described, and
the application of the net proceeds of the offering, are subject to
numerous possible events, factors and conditions, many of which are
beyond the control of the Company and not all of which are known to
it, including, without limitation, market conditions and those
described under the heading “Risk Factors” in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2017 and as
updated by those risk factors included in the Company's subsequent
filings under the Securities Exchange Act of 1934, as
amended, which can be accessed at the SEC’s website at
www.sec.gov. All forward-looking statements speak only as of the
date on which they are made. New risks and uncertainties arise over
time, and it is not possible to predict those events or how they
may affect the Company. The Company undertakes no obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise, except as
required by law.
CONTACT: For Further Information
AT THE COMPANYKristine R. Nario-EngInvestor RelationsPhone:
(646) 216-2363Email: knario@nymtrust.com
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