Impac Mortgage Holdings, Inc. Announces Financing Update
Impac Mortgage Holdings, Inc. (NYSE Amex: IMH), a Maryland corporation, or the “Company,” is announcing that on November 26, 2010, the Company borrowed $8.0 million to pay off the balance owed to its last remaining warehouse bank from 2007.
Current market conditions provided the Company the opportunity to pay off the Credit Agreement entered into on October 30, 2009 at a discount to the approximately $6.6 million outstanding balance. By paying off the agreement five months earlier than previously reported the Company will save approximately $800,000 in monthly cash flows for these five months. This also results in the termination of all covenants, conditions and restrictions associated with the Credit Agreement.
Mr. Joseph R. Tomkinson, Chairman and Chief Executive Officer of Impac Mortgage Holdings, Inc., commented, “We are pleased to have settled another financing legacy that will allow us to move forward with our strategic initiatives without the restrictions of previous financing obligations.”
About the CompanyThe Company’s operations include the management of the long-term mortgage portfolio to mitigate losses and maximize cash flows and the mortgage and real estate related fee-based businesses, including loan modifications, real estate disposition, monitoring and surveillance services and real estate brokerage and lending services. For additional information, questions or comments, please call Justin Moisio in Investor Relations at 949-475-3988 or email firstname.lastname@example.org. Web site: www.impaccompanies.com
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV