MortgageIT Holdings, Inc. Announces Exercise of Over-Allotment Option
14 July 2005 - 12:31AM
PR Newswire (US)
MortgageIT Holdings, Inc. Announces Exercise of Over-Allotment
Option NEW YORK, July 13 /PRNewswire-FirstCall/ -- MortgageIT
Holdings, Inc. (NYSE:MHL), a residential mortgage company organized
as a real estate investment trust (REIT), announced that the
underwriters of the recent public offering of shares of the
Company's common stock have exercised, in full, their option to
purchase an additional 1,422,646 shares of common stock from the
Company at the public offering price of $18.25 to cover
over-allotments. Including the over-allotment, a total of
10,906,952 shares were sold. Of the total, 8,712,074 shares were
sold by the Company and the balance by certain selling
stockholders. The Company realized net proceeds from the offering
of approximately $150 million after deducting underwriting fees and
estimated offering expenses. The Company did 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. served as joint bookrunning managers of the
offering. Flagstone Securities, LLC, JMP Securities LLC, Ryan Beck
& Co., and Utendahl Capital Partners, L.P. were 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, MortgageIT Holdings, Inc., +1-646- 346-8700; Media -Ted J.
Stacer, MortgageIT Holdings, Inc., +1-212-651-7653; Joe LoBello,
Brainerd Communicators, Inc., +1-212-986-6667, for MortgageIT
Holdings, Inc. Web site: http://www.mortgageitholdings.com/
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