Bimini Reports $50M Private Placement

Bimini Mortgage Management Inc., a real estate investment trust based in Vero Beach, Fla., has reported a private placement of $50 million of trust preferred securities through the newly formed Bimini Capital Trust I.The 30-year securities will bear an interest rate of 7.61% through March 30, 2010, and 3.30% above the prevailing three-month London interbank offered rate thereafter, the company said. They are redeemable in whole or in part at the option of Bimini on or after March 30, 2010. The mortgage REIT said it intends to use the net proceeds to invest in mortgage-backed securities issued by Fannie Mae, Freddie Mac, and Ginnie Mae. Bimini can be found online at http://www.biminireit.com.