Accredited Announces Proposed $50 Million Preferred Shares Offering.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) announced today that Accredited Mortgage Loan REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). Trust, its indirect subsidiary, intends to commence a public offering of $50 million of its Series A Perpetual Cumulative Preferred Shares. Accredited Mortgage Loan REIT Trust proposes to offer two million shares, having a liquidation preference of $25 per share. Payments with respect of the Series A Perpetual Cumulative Preferred Shares will be guaranteed, on a subordinated basis, by Accredited Home Lenders Holding Co. It is contemplated that the underwriters of the offering will be granted an option to purchase up to a maximum of 300,000 additional shares of Series A Perpetual Cumulative Preferred Shares to cover over-allotments. The offering will be made under Accredited Home Lenders Holding Co. and Accredited Mortgage Loan REIT Trust's recently filed shelf registration statement. Bear, Stearns & Co. Inc. and Friedman, Billings, Ramsey & Co. Inc. are managing the offering. Copies of the preliminary prospectus Preliminary Prospectus A first draft registration statement filed by a firm prior to proceeding with an initial public offering of securities. The document, filed with the Securities & Exchange Commission, is intended to provide pertinent information to prospective shareholders supplement and related prospectus relating to the offering may be obtained, when available, from the offices of Bear, Stearns & Co. Inc., 383 Madison Avenue, 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 FBR Group Friedman, Billings, Ramsey Group Inc., or simply FBR, (NYSE:FBR), is a full service investment bank headquartered in Arlington, Virginia that sponsors the FBR Open PGA golf tournament held in Phoenix, Arizona. & Co. Inc., 1001 19th Street North, Arlington, VA 22209, 800-846-5050. A registration statement relating to the preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. has been filed with the SEC, but has not yet become effective. These securities may not be sold, nor may offers to buy such securities be accepted, prior to the time that the registration statement becomes effective. 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 and an accompanying prospectus supplement. 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. Additional information may be found at www.accredhome.com. About Accredited Mortgage Loan REIT Trust Accredited Mortgage Loan REIT Trust is a Maryland real estate investment trust that was formed in May, 2004, and was created for the purpose of acquiring, holding and managing real estate assets that will generate net income for distribution to its shareholders. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement 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, corporate restructurings, projected growth, anticipated securitizations, expected net earnings, origination volume, whole loan premiums and hedging strategy and results. 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 its 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 May 17, 2004 and other SEC filings. |
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