World News: 01:03 GMT Friday 10th August 2018. [New York Mortgage Trust, Inc. via Globe Newswire via SPi World News]
NEW YORK, Aug. 09, 2018 (GLOBE NEWSWIRE) -- New York Mortgage Trust, Inc. (Nasdaq: NYMT) (“NYMT” or the “Company”) announced today that it priced an underwritten public offering of 12,500,000 shares of its common stock at a public offering price of $6.16 per share. NYMT also granted the underwriters a 30-day option to purchase up to an additional 1,875,000 shares of common stock. The offering is expected to close on August 14, 2018, 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 and UBS Investment Bank acted as joint bookrunning managers for the offering.
NYMT estimates that the net proceeds from the offering will be approximately $74.7 million (or approximately $86.0 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, Attn: 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: .
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.
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 second mortgages and loans sourced from distressed markets, non-Agency RMBS, Agency RMBS and other mortgage-related and residential housing-related investments.
CONTACT: For Further Information
AT THE COMPANYKristine R. Nario-EngInvestor RelationsPhone: (646) 216-2363Email:
Globe Newswire: 01:03 GMT Friday 10th August 2018
SPi News is published by Sector Publishing Intelligence Ltd.
© Sector Publishing Intelligence Ltd 2018. [Admin Only]
Sector Publishing Intelligence Ltd.
Agriculture House, Acland Road, DORCHESTER, Dorset DT1 1EF United Kingdom
Registered in England and Wales number 0751938.