MortgageIT Holdings, Inc. Files for Offering of Common Stock
07 June 2005 - 8:01AM
PR Newswire (US)
MortgageIT Holdings, Inc. Files for Offering of Common Stock NEW
YORK, June 6 /PRNewswire-FirstCall/ -- MortgageIT Holdings, Inc.
(NYSE:MHL), a residential mortgage company organized as a real
estate investment trust (REIT), announced today that it has filed a
registration statement on Form S-11 with the United States
Securities and Exchange Commission in connection with a proposed
follow-on primary offering of up to $75 million of shares of the
Company's common stock. The offering may also include the sale of
up to $35 million in common stock by certain "Selling Stockholders"
of MortgageIT Holdings, Inc. The Company expects the Selling
Stockholders to principally include institutions that invested in
the Company's taxable REIT subsidiary, MortgageIT, Inc. prior to
the Company's 2004 Initial Public Offering. Proceeds from the sale
of shares in the primary offering will be used to purchase and
retain in the Company's investment portfolio single-family ARM and
hybrid ARM loans that have been originated by MortgageIT, and for
general corporate purposes. The Company will receive no proceeds
from any shares sold by the Selling Stockholders. Merrill Lynch
& Co. and Friedman, Billings, Ramsey & Co., are serving as
joint bookrunning managers of the offering. When available, a copy
of the prospectus related to this offering may be obtained directly
from Merrill Lynch & Co., c/o Prospectus Department, 4 World
Financial Center, New York, NY 10080 (tel: 212.449.1000) and
Friedman, Billings, Ramsey & Co., 1001 19th Street North,
Arlington, Va., 22209 (tel: 703.312.9500). A registration statement
relating to these securities has been filed with the Securities and
Exchange Commission but has not yet become effective. These
securities may not be sold nor may offers to buy be accepted prior
to the time the registration statement becomes effective. This
communication shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of such state. About MortgageIT Holdings, Inc.
MortgageIT Holdings, Inc. (NYSE:MHL) is a self-administered
mortgage real estate investment trust ("REIT") focused on the
residential lending market. The Company self-originates its
investment portfolio of high quality adjustable rate mortgage
("ARM") loans through MortgageIT, Inc., its wholly owned
residential mortgage lending subsidiary. MortgageIT, Inc. is a
full- service residential mortgage lending company that is licensed
to originate loans throughout the United States. MortgageIT
Holdings is organized and conducts its operations to qualify as a
REIT for federal income tax purposes. MortgageIT is organized and
operates as MortgageIT Holdings' taxable REIT subsidiary. For more
information, please visit http://www.mortgageitholdings.com/.
DATASOURCE: MortgageIT Holdings, Inc. CONTACT: Investors, Sean
McGrath, +1-646-346-8700, or Media, Ted J. Stacer, +1-212-651-7653,
both of MortgageIT Holdings, Inc.; or Joe LoBello of Brainerd
Communicators, Inc., +1-212-986-6667 Web site:
http://www.mortgageitholdings.com/
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