| Imperial Credit Commercial Mortgage Investment Corp. | |||
| Ticker: | ICMI | 23550 Hawthorne Boulevard, Building One, Suite 110 | |
| Exchange: | NASDAQ-National Market | Torrance, CA 90505 | |
| Industry: | Financial (SIC Code 6798) | ||
| Type of Shares: | Common Shares | Filing Date: | 8/1/97 | |
| U.S. Shares: | 30,000,000 | Offer Date: | 10/16/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $13.00 - $15.00 | |
| Primary Shares: | 30,000,000 | Offer Price: | $15.00 | |
| Secondary Shares: | 0 | Gross Spread: | $1.05 | |
| Offering Amount: | $420,000,000 | Selling: | $0.63 | |
| Expenses: | - | Reallowance: | $0.10 | |
| Shares Out After: | 20,000,000 |
| Manager | Tier | Phone |
| Friedman, Billings, Ramsey & Co., Inc. | Lead Manager | (703) 312-9571 |
| Jefferies & Company Incorporated | Co-manager | (212) 903-2342 |
| Issuer's Law Firm: | Sonnenschein Nath & Rosenthal |
| Bank's Law Firm: | Hunton & Williams |
| Auditor: | KPMG Peat Marwick |
| Registrar/Transfer Agent: | U. S. Stock Transfer Corporation |
| Business Description |
| The company is a real estate investment trust, REIT. The company will invest in performing multifamily and commercial term loans and interests in multifamily and commercial term loans and interests in multifamily and commercial mortgage backed securities The Company intends to invest in various classes of collateralized mortgage obligations ("CMOs") and pass-through certificates ("Pass-Through Certificates"), consisting primarily of non-investment grade classes. The Company's interests in mortgage backed securities ("MBS Interests") also may include interest only ("IO"), principal only ("PO"), subordinated interest only ("Sub IO"), and inverse floating interest only ("Inverse IO") classes. The Company intends to leverage its assets primarily through the issuance of CMOs, reverse repurchase agreements, warehouse lines of credit and other borrowing arrangements, pledging its assets as collateral security for its repayment obligations. The Company intends to use the proceeds from such activities to invest in additional Term Loans, MBS Interests and other assets, and, in turn, to borrow against such assets. |
| Business Plan |
| The Company's strategy is to leverage its investments significantly by borrowing against them, investing the net proceeds of those borrowings in new Mortgage Loans and MBS Interests, borrowing against those new assets, and repeating the process of borrowing and reinvesting until it has a significantly leveraged portfolio. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to purchase certain assets from Imperial Credit and SPTL, and invest the balance in interest bearing securities. |
| Officer Name | Title | Age |
| H. Wayne Snavely | Chairman of the Board of Directors | 56 |
| Joseph R. Parise | Managing Director | 38 |
| Mark S. Karlan | President and Chief Executive Officer | 38 |
| Norbert M. Seifert | Senior Vice President | 41 |
| Kevin E. Villani | Vice Chairman of the Board of Directors | 49 |