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Impac Mortgage refinances credit facility

By Associated Press
July 3, 2008 | Comments (0)

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Mortgage investor Impac Mortgage Holdings Inc. said Thursday it has refinanced an outstanding repurchase financing facility, replacing it with a term loan from UBS Real Estate Securities Inc.

The remaining $200 million outstanding on the repurchase facility will be transferred to a term loan that will last one year, with possible extensions for up to 18 months if certain interim targets are met.

As part of the refinancing, Impac Mortgage agreed to issue UBS warrants to purchase up to 7 percent of the mortgage company's outstanding common stock.

The refinancing will allow Impac Mortgage to eventually refinance, sell or securitize the loans used as collateral for the repurchase line without a risk of margin calls.

Impac Mortgage shares fell 4 cents, or 5.2 percent, to close at 73 cents Thursday. UBS shares rose 49 cents, or 2.5 percent, to $20.32.

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