Imperial Credit Plans to Sell Common Stock
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SANTA ANA HEIGHTS — Imperial Credit Mortgage Holdings Inc. said it plans to sell 2.5 million shares of common stock in an effort to raise about $35.9 million after expenses.
The real estate investment trust plans to use the proceeds primarily to invest in residential mortgage loans and related securities and to provide short-term credit to mortgage banks, according to a registration statement filed with the Securities and Exchange Commission.
PaineWebber Inc. is slated to underwrite the stock sale for Imperial Credit, which will have 6.75 million shares outstanding after the offering. Other underwriters will include Oppenheimer & Co. Inc., Stifel, Nicolaus & Co. Inc. and Everen Securities Inc.
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