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Imperial Holdings Slashes IPO Price


NEW YORK ( TheStreet) -- Specialty finance company Imperial Holdings has lowered its expected initial public offering price of common stock.

The company now expects to offer about 16.7 million shares of common stock for $10 to $12 a share. Previously, it expected to offer this amount of shares for $14 to $16 a share.

FBR Capital Markets (FBCM), JMP (JMP - Get Report) Securities and Wunderlich Securities are the underwriters for the transaction. They have the right to buy up to 2.5 million additional shares of the company's common stock to cover over-allotments.

Imperial Holdings, which is a specialty finance company with a focus on providing premium financing for individual life insurance policies and purchasing structured settlements, reported total income decline of 17.7% to $60.4 million in 2010, from $73.4 million a year ago.

The company was founded in Dec. 2006, and focuses on providing premium financing for individual life insurance policies issued by insurance companies generally rated A+ or better by Standard & Poor's or A or better by A.M.

"Difficult conditions in the credit and equity markets have adversely affected and may continue to adversely affect the growth of our business, our financial condition and results of operations," the company said in an SEC filing.

Imperials' main competitors in the premium finance industry are CMS, Inc, Insurative Premium Finance and Madison One. Competitors also include Coventry First, Life Partners Holdings (LPHI - Get Report) and ViaSource Funding . "It is possible that a number of our competitors may be substantially larger and may have greater market share and capital resources than we have."

Imperial Holdings expects to trade under the symbol "IFT" on the New York Stock Exchange. Imperial is expected to price this week.

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-- Written by Andrea Tse in New York.



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