NY Mortgage Trust Prices $75M Senior Notes at 9.125% Yield, Targets Real Estate Growth
January 9, 2025
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New York Mortgage Trust (NYMT) has announced the pricing of an underwritten public offering of $75 million in 9.125% senior notes due 2030. The company has granted underwriters a 30-day option to purchase an additional $11.25 million to cover over-allotments.
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The notes will be listed on Nasdaq under symbol NYMTG, with trading expected to begin within 30 days of issuance. The offering is set to close on January 14, 2025. Interest will be paid quarterly starting April 1, 2025, and notes can be redeemed after April 1, 2027.
Proceeds will be used for general corporate purposes, including acquiring single-family and multi-family residential assets, mortgage-related assets, and working capital. Morgan Stanley, Piper Sandler, RBC Capital Markets, UBS Investment Bank, and Wells Fargo Securities are acting as joint book-running managers.
New York Mortgage Trust (NYMT) ha annunciato il prezzo di un’offerta pubblica sottoscritta di $75 milioni in note senior al 9,125% con scadenza nel 2030. L’azienda ha concesso agli underwriter un’opzione di 30 giorni per acquistare ulteriori $11,25 milioni per coprire eventuali sovrallocazioni.
Le note saranno quotate su Nasdaq con il simbolo NYMTG, e si prevede che la contrattazione inizi entro 30 giorni dall’emissione. L’offerta dovrebbe chiudere il 14 gennaio 2025. Gli interessi saranno pagati trimestralmente a partire dal 1 aprile 2025, e le note possono essere rimborsate dopo il 1 aprile 2027.
I proventi saranno utilizzati per scopi aziendali generali, inclusi l’acquisto di beni residenziali unifamiliari e multifamiliari, beni collegati ai mutui e capitale circolante. Morgan Stanley, Piper Sandler, RBC Capital Markets, UBS Investment Bank e Wells Fargo Securities fungono da gestori congiunti dell’operazione.
New York Mortgage Trust (NYMT) ha anunciado el precio de una oferta pública suscrita de $75 millones en notas senior al 9.125% con vencimiento en 2030. La empresa ha otorgado a los suscriptores una opción de 30 días para comprar $11.25 millones adicionales para cubrir sobreasignaciones.
Las notas se listarán en Nasdaq bajo el símbolo NYMTG, y se espera que la negociación comience dentro de los 30 días posteriores a la emisión. La oferta se cerrará el 14 de enero de 2025. Los intereses se pagarán trimestralmente a partir del 1 de abril de 2025, y las notas se pueden canjear después del 1 de abril de 2027.
Los ingresos se utilizarán para fines corporativos generales, incluidos la adquisición de activos residenciales unifamiliares y multifamiliares, activos relacionados con hipotecas y capital de trabajo. Morgan Stanley, Piper Sandler, RBC Capital Markets, UBS Investment Bank y Wells Fargo Securities actúan como gerentes conjuntos de la oferta.
뉴욕 모기지 트러스트 (NYMT)가 2030년 만기의 9.125% 순위 노트에 대한 $75백만의 공모 가격을 발표했습니다. 회사는 인수자에게 추가로 $11.25백만을 구매할 수 있는 30일 옵션을 부여했습니다.
이 노트는 나스닥에 NYMTG 기호로 상장되며, 발행 후 30일 이내에 거래가 시작될 것으로 예상됩니다. 이 제안은 2025년 1월 14일에 마감될 예정입니다. 이자는 2025년 4월 1일 시작으로 분기별로 지급되며, 노트는 2027년 4월 1일 이후에 상환할 수 있습니다.
수익금은 일반 기업 목적, 단독 및 다가구 주거 자산, 모기지 관련 자산 및 운영 자본 조달 등에 사용될 것입니다. 모건 스탠리, 파이퍼 샌들러, RBC 캐피탈 마켓, UBS 투자은행, 웰스 파고 증권이 공동 관리자로 활동하고 있습니다.
New York Mortgage Trust (NYMT) a annoncé le prix d’une offre publique avec placement garanti de 75 millions de dollars en obligations seniors à 9,125 % arrivant à échéance en 2030. L’entreprise a accordé aux souscripteurs une option de 30 jours pour acheter 11,25 millions de dollars supplémentaires pour couvrir les surallocations.
Les obligations seront cotées au Nasdaq sous le symbole NYMTG, et la négociation devrait commencer dans les 30 jours suivant l’émission. L’offre doit se clôturer le 14 janvier 2025. Les intérêts seront versés trimestriellement à partir du 1er avril 2025, et les obligations peuvent être remboursées après le 1er avril 2027.
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Les produits seront utilisés à des fins générales d’entreprise, y compris l’acquisition d’actifs résidentiels unifamiliaux et multifamiliaux, d’actifs liés aux hypothèques et de fonds de roulement. Morgan Stanley, Piper Sandler, RBC Capital Markets, UBS Investment Bank et Wells Fargo Securities agissent en tant que gestionnaires principaux de l’opération.
New York Mortgage Trust (NYMT) hat den Preis für ein öffentliches Angebot von 75 Millionen US-Dollar in 9,125% Senior Notes mit Fälligkeit im Jahr 2030 bekannt gegeben. Das Unternehmen hat den Underwritern eine 30-tägige Option eingeräumt, weitere 11,25 Millionen US-Dollar zur Deckung von Überzeichnungen zu erwerben.
Die Anleihen werden an der Nasdaq unter dem Symbol NYMTG gelistet, und der Handel wird voraussichtlich innerhalb von 30 Tagen nach der Ausgabe beginnen. Das Angebot wird voraussichtlich am 14. Januar 2025 geschlossen. Zinsen werden vierteljährlich ab dem 1. April 2025 gezahlt, und die Anleihen können nach dem 1. April 2027 eingelöst werden.
Die Erlöse werden für allgemeine Unternehmenszwecke verwendet, einschließlich des Erwerbs von Einfamilien- und Mehrfamilienhäusern, hypothekenbezogenen Vermögenswerten und Betriebskapital. Morgan Stanley, Piper Sandler, RBC Capital Markets, UBS Investment Bank und Wells Fargo Securities fungieren als gemeinsame Buchführungsmanger.
Positive
- 9.125% interest rate provides steady income stream for investors
- Flexibility to redeem notes after April 1, 2027
- Listing on Nasdaq provides liquidity for noteholders
- Strong underwriting syndicate including major financial institutions
Negative
- Significant debt addition of $75 million to balance sheet
- High 9.125% interest rate indicates relatively high cost of capital
- Potential dilution if over-allotment option of $11.25M is exercised
- Additional interest expense will impact company’s financial performance
Insights
NYMT’s
The over-allotment option of
The syndicate of five major investment banks suggests strong institutional support. The intended use of proceeds for acquiring residential assets could potentially enhance NYMT’s earning power, though the high cost of capital may pressure margins.
This debt offering reveals NYMT’s strategy to expand its portfolio despite the elevated cost of capital. With a market cap of
The 2030 maturity provides long-term financing stability, while the 2027 call option offers refinancing flexibility if market conditions improve. However, the
The timing of this offering, early in 2025, indicates NYMT’s proactive approach to securing funding for potential opportunities in the residential mortgage market, though success will depend on their ability to deploy capital at spreads wide enough to justify the borrowing cost.
NEW YORK, Jan. 08, 2025 (GLOBE NEWSWIRE) — New York Mortgage Trust, Inc. (Nasdaq: NYMT) (the “Company”) announced today the pricing of an underwritten public offering of
The Company has applied to list the Notes on the Nasdaq Global Select Market (“Nasdaq”) under the symbol “NYMTG” and, if the application is approved, expects trading in the Notes on Nasdaq to begin within 30 days after the Notes are first issued.
The Company intends to use the net proceeds of the offering for general corporate purposes, which may include, among other things, acquiring the Company’s targeted assets, including both single-family and multi-family residential assets, and various other types of mortgage-, residential housing- and credit-related assets that the Company may target from time to time and general working capital purposes.
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The Notes will be senior unsecured obligations of the Company and pay interest quarterly in cash on January 1, April 1, July 1 and October 1 of each year, commencing April 1, 2025. The Notes will mature on April 1, 2030, and may be redeemed, in whole or in part, at any time, or from time to time, at the Company’s option on or after April 1, 2027.
Morgan Stanley & Co. LLC, Piper Sandler & Co., RBC Capital Markets, LLC, UBS Investment Bank and Wells Fargo Securities, LLC acted as joint book-running managers of the offering.
The offering was made pursuant to the Company’s existing shelf registration statement, which was declared effective by the Securities and Exchange Commission (the “SEC”) on August 5, 2024. The offering of these securities was made only by means of a prospectus and a related prospectus supplement, which will be filed with the SEC. Copies of the prospectus and prospectus supplement related to this offering may be obtained, when available, by contacting:
Morgan Stanley & Co. LLC
180 Varick St., 2nd Floor, New York, New York 10014
Attn: Prospectus Department
Toll-Free: 1-800-584-6837
Piper Sandler & Co.
1251 Avenue of the Americas, 6th Floor, New York, NY 10020
Attn: Debt Capital Markets
Email: [email protected]
RBC Capital Markets, LLC
Brookfield Place
200 Vesey Street, 8th Floor
New York, NY 10281
Email: [email protected]
Toll-Free: 1-866-375-6829
UBS Securities LLC
1285 Avenue of the Americas, New York, New York 10019
Attn: Prospectus Department
Toll-Free: 1-833-481-0269
Wells Fargo Securities, LLC
608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402
Attn: WFS Customer Service
Email: [email protected]
Toll-Free: 1-800-645-3751
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other securities, nor shall there be any sale of such Notes or any other securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
About New York Mortgage Trust, Inc.
New York Mortgage Trust, Inc. is a Maryland corporation that has elected to be taxed as a real estate investment trust (“REIT”) for federal income tax purposes. NYMT is an internally managed REIT in the business of acquiring, investing in, financing and managing primarily mortgage-related single-family and multi-family residential assets.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements involve numerous risks and uncertainties. The Company’s actual results may differ from the Company’s beliefs, expectations, estimates and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as “anticipate,” “estimate,” “will,” “should,” “expect,” “believe,” “intend,” “seek,” “plan” and similar expressions or their negative forms, or by references to strategy, plans, or intentions. Forward-looking statements are based on the Company’s beliefs, assumptions and expectations of the Company’s future performance, taking into account information currently available to the Company. No assurance can be given that the offering discussed above will be completed on the terms described or at all, or that the net proceeds of the offering will be used as indicated. Completion of the offering on the terms described and the application of the net proceeds of the offering are subject to numerous possible events, factors and conditions, many of which are beyond the control of the Company and not all of which are known to the Company. These forward-looking statements are subject to risks and uncertainties, including, without limitation, market conditions and those described under the heading “Risk Factors” in the prospectus supplement relating to the offering and in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 under “Item 1A. Risk Factors.” Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected may be described from time to time in reports the Company files with the SEC, including reports on Forms 10-Q and 8-K. All forward-looking statements speak only as of the date on which they are made. New risks and uncertainties arise over time, and it is not possible to predict those events or how they may affect the Company. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
For Further Information
AT THE COMPANY
Investor Relations
Phone: 212-792-0107
Email: [email protected]
FAQ
What is the interest rate and maturity date of NYMT’s new senior notes?
NYMT’s new senior notes offer a 9.125% interest rate and will mature on April 1, 2030.
How much capital is NYMT raising through this senior notes offering?
NYMT is raising $75 million through the senior notes offering, with an option for underwriters to purchase an additional $11.25 million to cover over-allotments.
When will NYMT’s new senior notes begin trading on Nasdaq?
The notes will trade under symbol NYMTG and are expected to begin trading on Nasdaq within 30 days after issuance.
How will NYMT use the proceeds from the senior notes offering?
NYMT will use the proceeds for general corporate purposes, including acquiring single-family and multi-family residential assets, mortgage-related assets, and working capital.
When can NYMT redeem these senior notes?
NYMT can redeem the notes, in whole or in part, at any time on or after April 1, 2027.
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