Atrium Mortgage Investment Corp. 5.5% Convertible Debentures New Issue
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Atrium Mortgage Investment Corporation is issuing $25M of 5.5% convertible unsecured subordinated debentures. The conversion price is $15.60 per share compared to the current share price of $13.00 representing a 20% conversion premium.
The Debentures are not redeemable before Dec-31-2021. After Dec-31-2021 up to Dec-31-2023, they are redeemable provided the share price greater than 125% of the Conversion Price. After Dec-31-2023 to Dec-31-25 the debentures are redeemable at any time.
This issue is expected to open at $10 and is primarily recommended for income.
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