Accredited Announces Closing of $15 Million Offering of Additional Series A Preferred Shares.SAN DIEGO San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. -- Accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. Home Lenders Holding Co. (Nasdaq:LEND) and its subsidiary, Accredited Mortgage Loan REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). Trust (NYSE NYSE See: New York Stock Exchange :AHHPRA), today announced the closing of Accredited Mortgage Loan REIT Trust's offering of 593,678 9.75% Series A Perpetual Cumulative Preferred Noun 1. cumulative preferred - preferred stock whose dividends if omitted accumulate until paid out cumulative preferred stock preference shares, preferred shares, preferred stock - stock whose holders are guaranteed priority in the payment of dividends but Shares. This offering increased the total number of Series A Perpetual Cumulative Preferred Shares outstanding to 4,093,678. The offering resulted in gross proceeds of approximately $15 million, bringing the total gross proceeds from offerings of the Series A Perpetual Cumulative Preferred Shares to approximately $102.5 million. Payments in respect of the Series A Perpetual Cumulative Preferred Shares are guaranteed, on a subordinated basis, by Accredited Home Lenders Holding Co. The capital raised in the offering is intended to allow Accredited, on a consolidated basis, to accelerate the growth of its portfolio and support the associated borrowings. Bear, Stearns & Co. Inc. and Friedman, Billings, Ramsey & Co., Inc. were lead managers of the offering. Stifel, Nicolaus & Company, Incorporated was the co-manager of the offering. Copies of the prospectus supplement and accompanying prospectus relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the offering may be obtained from the offices of Bear, Stearns & Co. Inc., 383 Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. , New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10179, 212-272-2000; or Friedman, Billings, Ramsey & Co., Inc., 1001 19th Street North, Arlington, Virginia 22209, 800-846-5050. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Any offering of these securities will be made solely by means of a prospectus supplement and accompanying prospectus. About Accredited Accredited Home Lenders Holding Co. is a nationwide mortgage-banking company that originates, finances, securitizes, sells and services non-prime mortgage loans secured by residential real estate. The company is headquartered in San Diego, CA. About Accredited Mortgage Loan REIT Trust Accredited Mortgage Loan REIT Trust, a subsidiary of Accredited Home Lenders Holding Co., is a Maryland real estate investment trust that was formed in May 2004 for the purpose of acquiring, holding and managing real estate assets. Forward-Looking Statements Certain of the information discussed herein constitutes forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include statements regarding the financing plans of Accredited Home Lenders Holding Co. and Accredited Mortgage Loan REIT Trust, their prospects and future results, planned revenue generating strategy, expected net earnings, origination volume, whole loan premiums, hedging strategy and results and future dividends. Such statements are based on current expectations, and the actual results and the timing of certain events could differ materially from those projected in or contemplated by these forward-looking statements due to a number of factors, including but not limited to financial market conditions, interest rate volatility and the level of interest rates generally; general political and economic conditions; the sustainability of loan origination volumes; the availability of financing for the origination of mortgage loans; the ability to sell or securitize Securitize The practice of a company selling accounts receivables or other debts owed to it. The third party that buys the debt assumes ownership of it and the responsibility for collecting the debts, and keeps the repayments when made. mortgage loans; and other risk factors outlined in Accredited Home Lenders Holding Co.'s filings with the Securities and Exchange Commission ("SEC"), including those listed in the prospectus supplement and accompanying prospectus for the offering of the Series A Perpetual Cumulative Preferred Shares, Accredited Home Lenders Holding Co.'s report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the SEC on March 26, 2004, its report on Form 10-Q Form 10-Q See 10-Q. filed with the SEC on August 16, 2004, and other SEC filings. |
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