Impac Mortgage Issues $20 Million in Convertible Promissory Notes

IRVINE, CA—Impac Mortgage Holdings Inc. has entered into a note purchase agreement issuing $20 million in original aggregate principal amount of convertible promissory notes due 2018. The notes mature on or before April 30, 2018 and accrue interest at a rate of 7.5% per annum, to be paid quarterly.

“We believe it is a major accomplishment for the company to be able to raise capital after reflecting on what has occurred over the past five years,” said Joseph Tomkinson, chairman and CEO of Impac. “Further, we believe this is a tremendous vote of confidence to raise capital at such favorable rates and terms. The additional capital allows us much greater flexibility in the overall execution of our business plan.”