New York Mortgage Trust, Inc. Announces Pricing of Public Offering of 8.00% Series D Fixed-to-Floating Rate Cumulative Redeem...
October 05 2017 - 4:11PM
New York Mortgage Trust, Inc. (Nasdaq:NYMT) (the “Company”)
announced today the pricing of a public offering of 5,000,000
shares of its 8.00% Series D Fixed-to-Floating Rate Cumulative
Redeemable Preferred Stock (the “Series D Preferred Stock”),
liquidation preference $25.00 per share, for gross proceeds of
$125,000,000, before deducting underwriting discounts and offering
expenses. The Company has applied to list the Series D Preferred
Stock on the Nasdaq Global Select Market under the symbol “NYMTN.”
The Company has granted the underwriters an option
for 30 days to purchase up to an additional 750,000 shares of the
Series D Preferred Stock to cover over-allotments, if any. The
offering is subject to customary closing conditions and is expected
to close on October 13, 2017.
Morgan Stanley & Co. LLC, UBS Securities LLC
and Keefe, Bruyette & Woods, Inc. acted as joint book-running
managers for the offering.
The Company intends to use the net proceeds of the
offering to acquire certain of its targeted assets and various
other types of mortgage-related and financial assets that it may
target from time to time. The Company may also use net proceeds for
general working capital purposes, including the repayment of
indebtedness.
The offering is being 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 25, 2016. The offering of
these securities is being made only by means of a prospectus and a
related prospectus supplement, which will be filed with the SEC and
a copy of which may be obtained by contacting:
Morgan Stanley & Co. LLC180 Varick StreetNew
York, NY 10014Attn: Prospectus Department
UBS Securities LLC1285 Avenue of the AmericasNew
York, New York 10019Attn: Prospectus SpecialistPhone: (888)
827-7275
Keefe, Bruyette & Woods, Inc. 787 Seventh
Avenue, 4th Floor New York, NY 10019 Attn: Capital Markets Phone:
(800) 966-1559
This press release shall not constitute an offer to
sell or the solicitation of an offer to buy the shares of Series D
Preferred Stock 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,
Inc.
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. NYMT is
an internally managed REIT in the business of acquiring, investing
in, financing and managing mortgage-related and residential
housing-related assets and financial assets and targets residential
mortgage loans, including second mortgages and loans sourced from
distressed markets, multifamily CMBS, direct financing to owners of
multifamily properties through mezzanine loans and preferred equity
investments, other commercial and residential real estate-related
investments, Non-Agency RMBS and 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
Disclaimer
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 its future performance,
taking into account all information currently available to it.
For example, the fact that this offering has priced may imply
that this offering will close, but the closing is 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 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 the
Company, including those described in its Annual Report on Form
10-K for the fiscal year ended December 31, 2016, 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, the Company is
not obligated to, and does 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 COMPANYKristine R.
Nario
Chief Financial
Officer
Phone:
646-216-2363
Email: knario@nymtrust.com
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