Impac Prices Stock Offerings

Impac Mortgage Holdings Inc., Newport Beach, Calif., has priced public offerings of 3.75 million shares of its common stock at $23 per share and 4.0 million shares of preferred stock at $25 per share.The common stock offering produced estimated net proceeds of $81.9 million, and the offering of 9.125% series C cumulative redeemable preferred stock produced an estimated $96.9 million, Impac said. The common stock offering was led by UBS Investment Bank, with Bear, Stearns & Co. as joint lead manager. The preferred stock offering was managed by Bear Stearns, with Stifel, Nicolaus & Co. as co-manager. The company has granted the underwriters of the common stock an option to buy up to 562,500 additional shares, and the underwriters of the preferred stock an option to buy up to 300,000 additional shares, to cover any overallotments. Impac, a mortgage real estate investment trust, can be found online at http://www.impaccompanies.com.