Accredited Sub Closes Stock Offering

Accredited Home Lenders Holding Co., San Diego, has announced the closing of a public offering of 3.4 million shares of 9.75% series A perpetual cumulative preferred shares by an indirect subsidiary, Accredited Mortgage Loan REIT Trust.The gross proceeds of the offering totaled $85 million, and the capital raised will be used "to allow Accredited, on a consolidated basis, to accelerate the growth of its portfolio and support the associated borrowings," Accredited Home Lenders said. (Accredited Mortgage, a real estate investment trust, had originally proposed to offer two million shares of the series A preferred shares, with a liquidation preference of $25 per share.) The lead managers of the offering were Bear, Stearns & Co., Friedman, Billings, Ramsey & Co., and Stifel, Nicolaus & Co. The underwriters have been granted an option to buy an up to 510,000 additional shares to cover any overallotments. Accredited can be found online at http://www.accredhome.com.