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InvestmentsMortgage

Impac raises $37 million in capital

Took a long break after the financial crisis

Impac Mortgage Holdings finally decided to reenter the public equity markets again after a long stint away following the financial crisis.

The major decision to jump back in comes with a strong forecast and plan for growth for the lender. Impac noted that it plans to reach a target goal of $12 billion in originations for the year.

According to the lender’s Securities and Exchange Commission filing, Impac entered into an underwriting agreement with JMP Securities, agreeing to issue and sell 3 million shares of common stock, $0.01 par value per share, at a public offering price of $13.00 per share.

And Impac even took it a step beyond this, noting that in addition, it granted the underwriter a 30-day option to purchase up to an additional 450,000 shares of common stock.

“After being out of the public equity markets for 10 years and spending after the financial crisis six years restructuring the balance sheet and resolving legacy issues, we are pleased to see the strong demand from the institutional investment community,” said Joseph Tomkinson, CEO and Chairman of Impac Mortgage Holdings.

Tomkinson explained that the proceeds from this offering will allow the company to execute on its core growth strategies, which include continuing to expand its origination and servicing platforms and to retain valuable MSR assets.

“We are very excited to add new high-quality institutional investor partners in connection with the offering and are pleased that they share in our enthusiasm for the opportunities at IMH,” concluded Tomkinson.

Impact stated in the filing that the net proceeds to the company from the offering are expected to be approximately $36.8 million after deducting underwriting discounts and commissions and estimated aggregate offering expenses payable by the company.

The offering is expected to close on or about Sept. 21, 2016, subject to the satisfaction of customary closing conditions.

This news comes shortly after loanDepot’s request to the SEC to withdraw its initial public offering, which was filed nearly a year ago.

loanDepot decided to go a different route to gain capital, closing $150 million in term debt financing on Aug. 9.

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