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MortgageIT Holdings, Inc. (NYSE: MHL -News), a residential
mortgage company organized as a real estate investment trust
(REIT), announced the pricing of its initial public offering
of 14.6 million shares of its common stock at $12.00 per share,
raising total gross proceeds of $175.2 million. All the shares
being issued in this offering are primary shares that are
being sold by the Company. The Company will use the proceeds
from the shares sold to fund and retain in portfolio high
quality single-family and hybrid adjustable rate (ARM) loans,
and for general corporate purposes.
The shares will commence trading on Friday, July 30, 2004,
on the New York Stock Exchange under the symbol "MHL."
The offering was led by UBS Investment Bank and Merrill Lynch
& Co. Piper Jaffray & Co., JMP Securities LLC, M.R.
Beal & Co., Flagstone Securities, LLC, and Ryan Beck &
Co. served as co-managers. In addition, the underwriters will
have a 30-day option to purchase up to 2,190,000 additional
shares of common stock from the Company solely to cover over-allotments,
if any.
A registration statement relating to these securities has
been declared effective by the Securities and Exchange Commission.
This press release shall not constitute an offer to sell or
a solicitation of an offer to buy, and there shall not be
any sale of these securities in any state or jurisdiction
in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities
laws of any such state or jurisdiction.
Copies of the final prospectus related to the stock offering
can be obtained directly from:
The Prospectus Department, UBS Securities LLC, 299 Park Avenue,
New York, NY 10171 or from the offices of Merrill Lynch &
Co., 4 World Financial Center, New York, NY 10080.
MortgageIT Holdings, Inc. is an internally managed, newly
formed real estate investment trust (REIT) intended to continue
and expand the business of MortgageIT, Inc. (MortgageIT),
which the Company has acquired concurrent with the offering.
MortgageIT is headquartered in New York and operates 33 retail
branches and wholesale lending offices. The Company is licensed
to originate mortgage loans throughout the United States.
The Company originates single- family mortgage loans of all
types with a particular focus on prime adjustable rate (ARM)
loans and fixed rate first lien residential mortgage loans.
Source: MortgageIT Holdings, Inc.
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