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New York Mortgage Trust (NYMT) Prices 2.75M Share Offering At 4 Pct Discount

 May 25, 2012 12:27 PM

(By Balaseshan) New York Mortgage Trust Inc. (NASDAQ:NYMT), a self-advised real estate investment trust, said it has priced an underwritten registered public offering of 2.75 million shares of common stock at $6.65 per share, a 4% discount to Thursday's close.

The company also granted the underwriters an option to purchase up to an additional 412,500 shares of common stock to cover over-allotments, if any.

New York Mortgage Trust anticipates the offering to close on May 31, 2012, subject to customary closing conditions.

The company expects to use the net proceeds of this offering to acquire certain of its targeted assets, including commercial mortgage-backed securities collateralized by multi-family loans (multi-family CMBS) and Agency residential mortgage-backed securities (RMBS).

New York Mortgage Trust may also use net proceeds for general working capital purposes, including the repayment of indebtedness.

Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSEAMEX:LTS), is serving as sole bookrunning manager for the offering. Aegis Capital Corp., Maxim Group LLC and National Securities Corporation are serving as co-managers.

NYMT is trading down 4.19% at $6.64 on Friday. The stock has been trading between $5.77 and $7.98 for the past 52 weeks.

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