NEW YORK, Jan. 7, 2014 (GLOBE NEWSWIRE) -- New York Mortgage Trust, Inc. (Nasdaq:NYMT) ("NYMT" or the "Company") announced today that it priced an underwritten public offering of 10,000,000 shares of common stock at a public offering price of $6.81 per share. NYMT also granted the underwriters an option to purchase up to an additional 1,500,000 shares of common stock. The offering is expected to close on January 10, 2014, subject to customary closing conditions. UBS Securities LLC, Barclays Capital Inc. and Credit Suisse Securities (USA) LLC acted as joint bookrunning managers for the offering. Keefe, Bruyette & Woods, Inc. and RBC Capital Markets, LLC acted as co-lead managers and JMP Securities LLC and Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE MKT:LTS), acted as co-managers for the offering.
NYMT intends to use a majority of the net proceeds of this offering to acquire distressed residential loans and the remainder of the net proceeds to invest in multi-family CMBS, mezzanine loans to and preferred equity investments in owners of multi-family properties and certain of its other targeted assets. The Company may also use a portion of the net proceeds for general working capital purposes, including the repayment of indebtedness.
All shares of common stock are being offered under NYMT's existing shelf registration statement, which was declared effective by the Securities and Exchange Commission on January 28, 2013. The offering of these shares is being made only by means of a prospectus and a related prospectus supplement, which will be filed with the Securities and Exchange Commission. Copies of the prospectus and prospectus supplement related to this offering may be obtained, when available, from UBS Securities LLC, Attention: Prospectus Department, 299 Park Avenue, New York, New York 10171, Telephone: (888) 827-7275, Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling (888) 603-5847, or by emailing Barclaysprospectus@broadridge.com, and Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY, 10010, Telephone: (800) 221-1037, or by emailing firstname.lastname@example.org.