MortgageIT Holdings, Inc. Prices Common Stock Offering
01 July 2005 - 12:15AM
PR Newswire (US)
MortgageIT Holdings, Inc. Prices Common Stock Offering NEW YORK,
June 30 /PRNewswire-FirstCall/ -- MortgageIT Holdings, Inc.
(NYSE:MHL), a residential mortgage company organized as a real
estate investment trust (REIT), announced that the previously
announced public offering of shares of the Company's common stock
has priced at $18.25 per share. The offering of 9,484,306 shares
includes the sale of 7,289,428 shares by the Company and 2,194,878
shares by certain selling stockholders. The estimated net proceeds
to the Company from the sale of its shares are approximately $125.4
million. The Company will not receive any proceeds from the sale of
shares by the selling stockholders. Proceeds from the sale of
shares by the Company 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, Inc., its taxable
REIT subsidiary, and for general corporate purposes. Merrill Lynch
& Co. and Friedman, Billings, Ramsey & Co., Inc. are
serving as joint bookrunning managers of the offering. Flagstone
Securities, LLC, JMP Securities LLC, Ryan Beck & Co., and
Utendahl Capital Partners, L.P. are co- managers for the offering.
A copy of the prospectus related to this offering may be obtained
directly from Merrill Lynch & Co., Prospectus Department, 4
World Financial Center, New York, NY 10080 (tel: 212.449.1000) and
Friedman, Billings, Ramsey & Co., Inc., 1001 19th Street North,
Arlington, VA 22209 (tel: 703.312.9500). This communication is not
an offer to sell or the solicitation of an offer to buy and such
offers are made only in jurisdictions where permitted pursuant to
the prospectus. 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 of MortgageIT
Holdings, Inc., +1-646-346-8700; or Media - Ted J. Stacer of
MortgageIT Holdings, Inc., +1-212-651-7653, or Joe LoBello of
Brainerd Communicators, Inc., +1-212-986-6667 Web site:
http://www.mortgageitholdings.com/
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