First Alliance Eyes Stock Sale
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IRVINE — First Alliance Mortgage Co. is planning an initial public offering of shares of Class A common stock.
The company, which originates, purchases, sells and services non-conventional mortgage loans secured primarily by first mortgages on single-family residences, is planning to offer 3.35 million shares of Class A common stock. In a document filed Monday with the federal Securities and Exchange Commission, the company said it expects the shares to come to market at between $17 and $19 a share.
A portion of the proceeds generated will be distributed to current shareholders, with the remainder going to repay debt and for general purposes. Friedman, Billings, Ramsey & Co. will underwrite the offering, which has an overallotment option for up to 670,000 additional shares.
Following the offering, the company will have 14.1 million common shares outstanding, including the company’s Class B common shares.
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