Impac Issues $20M of TruPS

Impac Mortgage Holdings Inc., a real estate investment trust based in Newport Beach, Calif., has reported the issuance of $20 million of trust preferred securities through the newly formed Impac Capital Trust #4.The 30-year securities will bear an interest rate of 8.55% through the dividend payment date in July 2010, and 3.75% 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 Impac on or after July 30, 2010. The mortgage REIT said it intends to use the net proceeds for general corporate purposes. Impac can be found online at http://www.impaccompanies.com.