Key Developments: Impac Mortgage Holdings Inc (IMH)

Impac Mortgage Holdings Inc Announces Issuance Of $20 Million In Convertible Promissory Notes
Tuesday, 30 Apr 2013 09:25am EDT 

Impac Mortgage Holdings Inc announced that it entered into a Note Purchase Agreement (the Note Purchase Agreement) issuing $20 million in original aggregate principal amount of Convertible Promissory Notes due 2018 (the Notes). The Notes mature on or before April 30, 2018 and accrue interest at a rate of 7.5% per annum, to be paid quarterly. The Notes carry an additional penalty interest rate of 2% per annum upon an event of default. The Notes may not be prepaid, in whole or in part, by Impac without the prior written consent of the noteholders. The Notes contain customary affirmative and negative covenants of Impac, including covenants not to incur certain indebtedness that is not subordinated and not to make optional payments on its indebtedness (other than on the Notes) or amend material indebtedness in a manner that is adverse in any material manner to the noteholders. In connection with the Note Purchase Agreement and issuance of the Notes, Impac also entered into a Registration Rights Agreement.  Full Article