Mortgagit (NYSE:MHL)
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MortgageIT Holdings, Inc. Announces Issuance of $25 Million of
Trust Preferred Securities
NEW YORK, May 26 /PRNewswire-FirstCall/ -- MortgageIT Holdings, Inc.
(NYSE:MHL), a residential mortgage company organized as a real estate
investment trust (REIT), today announced that it has issued and sold through a
trust subsidiary in a private placement, $25 million of trust preferred
securities ("TPS"), to a collateralized debt obligation pool vehicle, under
Rule 144A of the Securities Act of 1933, as amended, in a transaction not
otherwise registered thereunder. The floating rate TPS bear a variable
interest rate of 375 basis points above 3-month LIBOR, paid quarterly, and will
mature in 2035. They are redeemable at par after five years.
Proceeds from the TPS sale will be used to support the continued expansion of
MortgageIT, Inc., the Company's national mortgage origination platform, which
is operated as a taxable REIT subsidiary of the company.
The TPS have not been and will not be registered under the Securities Act of
1933, as amended, or applicable state securities laws, and unless so
registered, may not be offered or sold in the United States, except pursuant to
an applicable exemption from the registration requirements of the Securities
Act of 1933, as amended, and applicable state securities laws. This press
release shall not constitute an offer to sell or the solicitation of an offer
to buy the TPS.
About MortgageIT Holdings, Inc.
MortgageIT Holdings, Inc. (NYSE:MHL) is a self-administered mortgage real
estate investment trust ("REIT") focused on the residential lending market. The
Company self-originates its investment portfolio of high quality adjustable
rate mortgage ("ARM") loans through MortgageIT, Inc., its wholly owned
residential mortgage lending subsidiary. MortgageIT, Inc. is a full-service
residential mortgage lending company that is licensed to originate loans
throughout the United States. MortgageIT Holdings is organized and conducts its
operations to qualify as a REIT for federal income tax purposes. MortgageIT is
organized and operates as MortgageIT Holdings' taxable REIT subsidiary. For
more information, please visit http://www.mortgageitholdings.com/.
Certain items in this press release may constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
These statements are based on management's current expectations and beliefs and
are subject to a number of trends and uncertainties that could cause actual
results to differ materially from those described in the forward- looking
statements. MortgageIT Holdings can give no assurance that its expectations
will be attained. Such forward-looking statements speak only as of the date of
this press release. MortgageIT Holdings expressly disclaims any obligation to
release publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in the Company's expectations with
regard thereto or change in events, conditions or circumstances on which any
statement is based.
DATASOURCE: MortgageIT Holdings, Inc.
CONTACT: Investors, Sean McGrath, +1-646-346-8700, or Media, Ted J.
Stacer, +1-212-651-7653, both of MortgageIT Holdings, Inc.; or Joe LoBello of
Brainerd Communicators, Inc., +1-212-986-6667, for MortgageIT Holdings
Web site: http://www.mortgageitholdings.com/