Impac Mortgage Holdings, Inc. Announces Agreement to Amend and Extend Maturity Date of its Convertible Promissory Notes
Impac Mortgage Holdings, Inc. (IMH)
NASDAQ:AMEX Investor Relations:
ir.impaccompanies.com
Company Research
Source: Business Wire
IRVINE, Calif.--(BUSINESS WIRE)--Impac Mortgage Holdings, Inc. (NYSE American: IMH) (the “Company”), announced today that the Company has entered into a term sheet with its holders of Convertible Promissory Notes due May 8, 2020 in the original aggregate principal amount of $25 million (the “Notes”) to amend and restate certain terms of the Notes. The term sheet provides that (1) the term of the Notes will be extended by an additional six months to November 9, 2020 and (2) the interest rate on the Notes will be reduced from 7.5% to 7.0% per annum from date of issuance. The Notes were originally issued pursuant to a Note Purchase Agreement, dated May 8, 2015, which terms will remain in effect other than as amended by the foregoing. In addition, subject to consummation of the amendment and restatement of the Notes, the holders of the Notes will be issued five-year warrants to purchase up to an aggregate of 212,649 shares of the Company’s common stock at an exercise price equal to 12
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