Company sells 7.5% convertible promissory notes due 2018
By Devika Patel
Knoxville, Tenn., April 30 - Impac Mortgage Holdings, Inc. settled a $20 million private placement of 7.5% convertible promissory notes on April 29, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The five-year note is convertible into common shares at $10.875 per share, which represents an 8.1% premium to $10.06, the April 26 closing share price. The company may force conversion.
Based in Irvine, Calif., Impac Mortgage is primarily invested in non-conforming mortgage loans and, to a lesser extent, small balance commercial and multi-family loans.
| Issuer: | Impac Mortgage Holdings, Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $20 million
|
| Maturity: | April 30, 2018
|
| Coupon: | 7.5%
|
| Conversion price: | $10.875
|
| Conversion premium: | 8.1%
|
| Call: | Yes
|
| Warrants: | No
|
| Settlement date: | April 29
|
| Stock symbol: | NYSE: IMH
|
| Stock price: | $10.06 at close April 26
|
| Market capitalization: | $90.68 million
|
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