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NYMT > SEC Filings for NYMT > Form 8-K on 16-Jul-2013All Recent SEC Filings

Show all filings for NEW YORK MORTGAGE TRUST INC



Other Events

Item 8.01. Other Events.

On July 12, 2013, New York Mortgage Trust, Inc. (the "Company") effected a securitization transaction with an expected term of three years. The transaction involved the financing of certain distressed residential mortgage loans with an aggregate unpaid principal balance of approximately $125.8 million, including performing and reperforming, fixed and adjustable rate, fully amortizing, interest only and balloon, seasoned mortgage loans secured by first liens on one to four family properties.

The transaction involved the issuance of Class A Notes and Class M Notes pursuant to an indenture. The Class A Notes were privately placed with a qualified institutional buyer in a transaction qualifying for resale under Rule 144A. The sale of the Class A Notes resulted in gross proceeds of approximately $75.3 million, and the Company retained the subordinated Class M Notes with an initial principal amount of approximately $12.5 million. The Class A Notes bear interest at a per annum rate equal to 4.25% payable monthly and are scheduled to mature in July 2016, at which time the Issuer may redeem the Class A Notes or retain them as outstanding, although at an increased per annum interest rate.

The Company expects to use the net proceeds from this transaction for general corporate purposes, including funding new investments in accordance with its investment strategy or to repay indebtedness.

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