Mortgagit (NYSE:MHL)
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MortgageIT Holdings, Inc. Files for Offering of Common Stock
NEW YORK, June 6 /PRNewswire-FirstCall/ -- MortgageIT Holdings, Inc.
(NYSE:MHL), a residential mortgage company organized as a real estate
investment trust (REIT), announced today that it has filed a registration
statement on Form S-11 with the United States Securities and Exchange
Commission in connection with a proposed follow-on primary offering of up to
$75 million of shares of the Company's common stock. The offering may also
include the sale of up to $35 million in common stock by certain "Selling
Stockholders" of MortgageIT Holdings, Inc. The Company expects the Selling
Stockholders to principally include institutions that invested in the Company's
taxable REIT subsidiary, MortgageIT, Inc. prior to the Company's 2004 Initial
Public Offering.
Proceeds from the sale of shares in the primary offering will be used to
purchase and retain in the Company's investment portfolio single-family ARM and
hybrid ARM loans that have been originated by MortgageIT, and for general
corporate purposes. The Company will receive no proceeds from any shares sold
by the Selling Stockholders.
Merrill Lynch & Co. and Friedman, Billings, Ramsey & Co., are serving as joint
bookrunning managers of the offering.
When available, a copy of the prospectus related to this offering may be
obtained directly from Merrill Lynch & Co., c/o Prospectus Department, 4 World
Financial Center, New York, NY 10080 (tel: 212.449.1000) and Friedman,
Billings, Ramsey & Co., 1001 19th Street North, Arlington, Va., 22209 (tel:
703.312.9500).
A registration statement relating to these securities has been filed with the
Securities and Exchange Commission but has not yet become effective. These
securities may not be sold nor may offers to buy be accepted prior to the time
the registration statement becomes effective. This communication shall not
constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of such state.
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/.
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
Web site: http://www.mortgageitholdings.com/