MortgageIT Holdings, New York, a residential mortgage REIT, has issued $50 million of trust preferred securities in a private placement.The floating rate TPS bear a variable interest rate of 360 basis points above 3-month LIBOR, paid quarterly. The TPS will mature in 2036 and are redeemable at par after five years. MortgageIT said proceeds will be used to support strategic initiatives and the expansion of the company's national loan origination platform.
MortgageIT to Issue $50 Million of TPS
March 28, 2006, 3:00 p.m. EST 1 Min Read
