TAMPA, Fla., April 23 /PRNewswire/ -- IMC Mortgage Company (Nasdaq: IMCC)
(IMC) today announced the secondary offering of 6.3 million shares of common
stock was declared effective. The stock offering of 6.3 million shares of
common stock was reduced from the original 7.0 million shares or common stock
previously announced on February 14, 1997 due to unfavorable market
conditions.
Additionally, IMC announced today that on April 22, 1997, it amended a
credit facility to increase a $25.0 million line of credit to $50.0 million,
all of which may be used by the Company for general working capital purposes.
The $50.0 million, available under the facility matures on or before October
15, 1998. The $10.0 million outstanding on April 23, 1997 under the facility
will be repaid from the proceeds of the offering, leaving the full $50.0
million available for future borrowings.
IMC Mortgage Company is a Tampa-based specialty consumer finance company
engaged in purchasing originating servicing and selling home equity loans
secured primarily by first liens on one-to-four family residential properties.
The Company has wholesale and retail operations in the United States and began
limited operations in early 1996 in the United Kingdom through a joint
venture.
SOURCE IMC Mortgage Company
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CONTACT:
Jean S. Schwindt, CFA, Vice president --
Investor Relations, 813-915-2515, or Stuart D. Marvin, CPA ,
Chief Financial 0fficer, 813-915-2548, both of IMC Mortgage
Company
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