Imperial Credit Mortgage Holdings Inc. Announces AFollow On Offering Of 3,400,000 Shares At A...

SANTA ANA HEIGHTS, Calif.--(BUSINESS WIRE)--Sept. 22, 1997-- Imperial Credit Mortgage Holdings Inc. (AMEX:IMH) (IMH), (the company) Monday announced a follow-on offering of 3,400,000 shares at a price of $27.25 per share.

IMH sold 3,229,906 shares and Imperial Credit Industries Inc. (NASDAQ

The offering was originally planned for 3,170,094 shares and was subsequently increased to 3,400,000 shares.

In addition, the company has granted the underwriters an option to purchase up to 510,000 additional shares of common stock to cover over-allotments, if necessary. PaineWebber Inc., Oppenheimer & Co. Inc., Stifel, Nicolaus & Co. Inc. and EVEREN Securities Inc. will act as the underwriters in this transaction.

The company is a specialty finance company which, together with its subsidiaries and related companies, operates three businesses. The company's first business is to act as a long-term investor of primarily non-conforming residential mortgage loans and mortgage backed securities secured by or representing an interest in such loans.

The second business is ICI Funding Corp. (ICIFC), which purchases primarily non-conforming mortgage loans and to a lesser extent, second mortgages, from a network of third party correspondent loan originators and subsequently securitizes or sells such loans to permanent investors.

As the company's third business, Imperial Warehouse Lending Group, a wholly owned subsidiary of the company, focuses on providing warehouse and repurchase financing to approved originators of mortgage loans, most of which are correspondents of ICIFC.

This release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state.

A copy of the prospectus relating to the offering may be obtained from the underwriters.

CONTACT: Imperial Credit Mortgage Holdings, Santa Ana Heights

Thom Singha (investor relations)

or

Tania Jernigan (investor relations)

714/438-2100