Impac Mortgage Holdings Inc., Newport Beach, Calif., has announced the issuance of $26.25 million of trust preferred securities by its newly formed statutory trust, Impac Capital Trust #3.The company said the securities will require quarterly distributions and bear a fixed interest rate of 8.01% for the first five years, and will reset quarterly thereafter at the prevailing three-month London interbank offered rate plus 3.75%. The company, a real estate investment trust, can be found online at http://www.impaccompanies.com.
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