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American Capital Agency Corp. Message Board

  • dr_klumps dr_klumps Aug 26, 2013 3:35 PM Flag

    April Fools, 1970, Oh those were the days my friends

    I thought the rubes would not end......Oh those were the days of April Fools of 1970.

    Chase Manhattan Mortgage and Realty Trust 1970
    List of Deals
    ■1970 shares of beneficial interest and convertible subordinated debentures
    ■1971 public offering of 50,000,000 7 7/8% notes due 1978 and 50,000,000 6 1/2% convertible subordinated debentures due 1996
    ■1973 public offering of $60,000,000 principal amount of 7 1/2% subordinated notes due 1983

    In April 1970 Chase Manhattan Bank of New York announced that they would be the first major New York bank to sponsor a closed-end real estate investment trust. Chase chose to create a trust because they felt that traditional mortgage lenders were unable to keep pace with demand for construction, particularly in the residential housing field.

    The Chase Manhattan Mortgage & Realty Trust raised $100 million through an initial public offering in June 1970. The trust, which was based in Boston, invested the proceeds primarily in construction mortgage loans. The Chase Manhattan Bank served as investment advisor to the trust and owned its management company.

    The trust raised an additional $100 million in May 1971 through an offering of convertible debentures. The purpose for this sale was to pay off commercial paper borrowing and to further the trust's growing participation in the intermediate-term loan and real estate equity areas.

    In November 1972 Chase Manhattan Mortgage & Realty Trust had investment commitments totaling approximately $1.5 billion, of which $631 million had been disbursed.

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