Southern Pacific Funding Corp. announced the completion of equity and debt offerings totaling $120 million.
Southern Pacific, majority owned by Imperial Credit Industries Inc., is a national lender specializing in the subprime mortgage market.
In the equity offering, Imperial sold 1.15 million shares of Southern Pacific common stock at $29.75 per share, bringing in about $34 million. Underwriters exercising their overallotment option bought 150,000 of the shares.
The equity offering was underwritten by Natwest Securities Ltd., Oppenheimer & Co., and Dabney/Resnick/Imperial.
Southern Pacific also has completed the issuance of $86.25 million of 10-year convertible subordinated notes due in 2006.
The net proceeds from the notes will be used to fund mortgage originations and purchases, to support securitization transactions, to support strategic alliances entered into with lenders, and for general corporate purposes, including possible acquisitions.