UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
January 18, 2008
CHIMERA INVESTMENT CORPORATION
(Exact name of registrant as specified in its charter)
Maryland 333-145525 26-0630461
(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
1211 Avenue of the Americas
Suite 2902
New York, New York 10036
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 696-0100
No Change
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement.
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On January 18, 2008, Chimera Investment Corporation (the "Company"),
entered into a master repurchase agreement (the "Agreement") with Credit Suisse
First Boston Mortgage Capital LLC ("CSFB"), an affiliate of Credit Suisse, one
of the underwriters of the Company's November 2007 initial public offering. This
type of lending arrangement is often referred to as a "repurchase facility."
The Agreement is a $500 million lending facility of which $200 million is
on an uncommitted basis, which means CSFB must agree to each mortgage loan
financed under the Agreement in excess of $300 million outstanding at any given
time. The Agreement is set to terminate on January 16, 2009. Under the
Agreement, the Company will sell mortgage loans to CSFB for a purchase price
equal to the lesser of either the product of the market value of the purchased
mortgage loans to be sold multiplied by varying percentages of the purchase
price depending on the type of mortgage loan being financed, or the outstanding
principal amount thereof. In general, the price at which the Company will
repurchase the mortgage loans from CSFB will equal the original purchase price
plus accrued but unpaid interest. Pursuant to the terms of the agreement, the
Company will pay interest to CSFB ranging from LIBOR plus a number of basis
points depending on the type of mortgage loan being financed. The Company is
required to maintain certain routine covenants, in addition to standard
representations and warranties, during the term of the Agreement. The Agreement
is filed as Exhibit 10.1 to this Current Report and is incorporated herein by
reference.
Item 9.01. Financial Statements and Exhibits.
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(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
(d) Exhibits:
10.1 Master Repurchase Agreement between Chimera Investment
Corporation and Credit Suisse First Boston Mortgage
Capital LLC, dated as of January 18, 2008.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized. Chimera Investment Corporation
By: /s/ A. Alexandra Denahan
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Name: A. Alexandra Denahan
Title: Chief Financial Officer
Date: January 24, 2008