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ZAIS Financial Corp. Announces Pricing Of Private Offering Of $50 Million Exchangeable Senior Notes Due 2016

RED BANK, N.J., Nov. 19, 2013 /PRNewswire/ -- ZAIS Financial Corp. (the "Company") (NYSE: ZFC) announced today that ZAIS Financial Partners, L.P., the operating partnership through which the Company conducts its operations (the "Operating Partnership"), has agreed to sell in a private offering $50 million of its 8.0% Exchangeable Senior Notes due 2016. The Operating Partnership granted the initial purchaser a 30-day option to purchase up to an additional $7.5 million aggregate principal amount of the notes.

The notes will be senior unsecured obligations of the Operating Partnership. The Company will guarantee the payment of amounts due on the notes. The offering is expected to close on November 25, 2013, subject to the satisfaction of certain closing conditions.

Interest on the notes will be payable semi-annually on May 15 and November 15, beginning on May 15, 2014. The notes will mature on November 15, 2016, unless repurchased or exchanged in accordance with their terms prior to such date.

The notes may be exchanged for shares of the Company's common stock, par value $0.0001 per share (the "Common Stock") or, to the extent necessary to satisfy New York Stock Exchange listing requirements, cash, at the applicable exchange rate at any time prior to the close of business on the scheduled trading day prior to the maturity date. The initial exchange rate for each $1,000 aggregate principal amount of the notes is 52.5417 shares of Common Stock, equivalent to an exchange price of approximately $19.03 per share, which represents an approximately 15% premium to the per share closing price of the Common Stock on November 19, 2013.

The Operating Partnership will not be permitted to redeem the notes prior to maturity.

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