HomeBanc Issues $50M in Trust Securities

HomeBanc Corp., Atlanta, has announced the issuance of $50 million of trust preferred securities in a private placement through its newly formed Delaware statutory trust, HMB Capital Trust I.The company said the securities will bear an interest rate of 365 basis points above the three-month London interbank offered rate and will reset quarterly. They mature on June 30, 2035, and are callable by the company, in whole or in part, at par after five years. HomeBanc said it plans to use the net proceeds to leverage growth in its investment portfolio of adjustable-rate residential mortgages. The company can be found online at http://www.homebanc.com.