MW: New York Mortgage prices offering at 3% discount
By Melodie Warner
New York Mortgage Trust Inc.'s NYMT -2.39% public offering of 13.5 million common shares priced at a 3% discount to Tuesday's close.
Shares were recently trading 3.1% lower premarket at $6.88, compared with the offering's price of $6.89 a share.
The real-estate investment trust said late Tuesday it planned to use the proceeds to acquire mortgage-backed securities, or for general working capital purposes, including buying residential mortgage loans and commercial real-estate-related debt investments and to pay back debt.
The company had around 34 million shares outstanding as of Sept. 27.
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