New York Mortgage Trust Completes Consent Process for Notes
New York Mortgage Trust Successfully Completes Consent Solicitation
NEW YORK — New York Mortgage Trust, Inc. (Nasdaq: NYMT) is excited to announce the fruitful conclusion of its recent consent solicitation. Having successfully garnered the necessary consents from a significant majority of holders of its outstanding 5.75% Senior Notes due 2026, the Company is set to implement a crucial amendment to its indenture governing these notes.
Details of the Consent Solicitation Process
The process reached a pivotal moment by 5:00 p.m. on the last day for consent, with a majority of holders responding positively. This overwhelming support enabled New York Mortgage Trust to move forward with a supplemental indenture alongside UMB Bank National Association, the trustee. This step marks a key milestone in enhancing the management of the Company’s obligations related to the notes.
Conditional Cash Payments to Note Holders
As outlined in the Company’s Consent Solicitation Statement, for each $1,000 principal amount of notes for which consent was captured by the cutoff, a cash payment of $4.00 will be distributed. This payment is scheduled to occur soon after consent, demonstrating the Company’s commitment to its investors and their interests.
Understanding the Impact of the Proposed Amendment
The Proposed Amendment is designed to protect and advance the interests of the note holders, though it is contingent on several conditions being met. While the Company is optimistic about the outcome, the successful operation of the amendment hinges on fulfilling all outlined conditions and ensuring the completion of the cash payment to note holders.
About New York Mortgage Trust, Inc.
New York Mortgage Trust, Inc. operates as a real estate investment trust (REIT), specializing in the acquisition, investment, financing, and management of mortgage-related residential assets. Registered in Maryland, the firm has a proactive approach to managing its portfolio, focusing on deliverables that meet the evolving demands within the marketplace.
The Value of Future Notifications
In the ever-changing landscape of financial markets, transparency is vital. The Public insists on a forward-looking approach; therefore, New York Mortgage Trust commits to keeping its investors informed about significant changes that may affect their investments. Regular updates and disclosures allow stakeholders to navigate their decisions effectively.
Contacting Investor Relations
If you are interested in learning more about the impacts of this process or other inquiries, please reach out to the Investor Relations team. They can be reached by phone at 212-792-0107, or you can connect via email at InvestorRelations@nymtrust.com. This personalized approach ensures that you receive the insights necessary for informed decision-making.
Frequently Asked Questions
What was the primary outcome of the consent solicitation?
The consent solicitation resulted in receiving the necessary consents from a majority of holders of the 5.75% Senior Notes, enabling the Company to move forward with a proposed amendment to the indenture.
How much will note holders receive as a cash payment?
Each note holder will receive a cash payment of $4.00 for every $1,000 principal amount of notes for which valid consents were provided.
Who is responsible for distributing the consent payments?
The payments will be made to D.F. King & Co., Inc., which acts as the Information and Tabulation Agent for the Company.
What is the role of UMB Bank National Association in this amendment process?
UMB Bank National Association serves as the trustee, and it is involved in finalizing the necessary supplemental indenture amendments related to the 5.75% Senior Notes.
Where can I find additional investor information?
Investors can obtain more information by contacting the Investor Relations team via phone or email as provided above.
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