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 31, 2008
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CHIMERA INVESTMENT CORPORATION
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(Exact name of registrant as specified in its charter)
Maryland 333-145525 26-0630461
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) 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
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(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 31, 2008, Chimera Investment Corporation (the "Company"),
entered into a master repurchase agreement (the "Agreement") with DB Structured
Products, Inc. ("DB") and Deutsche Bank Securities Inc. ("Deutsche Bank"). DB is
an affiliate of Deutsche Bank, which was 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 $350 million lending facility on a committed basis.
The Agreement is set to terminate on January 29, 2010. Under the Agreement, the
Company will sell mortgage loans or residential mortgage-backed securities to DB
for a purchase price equal to the lesser of either the product of the market
value of the purchased mortgage loans or securities to be sold multiplied by
varying percentages of the purchase price depending on the type of mortgage loan
or securities being financed, or the outstanding principal amount thereof. In
general, the price at which the Company will repurchase the mortgage loans or
securities from DB will equal the original purchase price plus accrued but
unpaid interest. Pursuant to the terms of the Agreement, the Company will pay
interest to DB ranging from LIBOR plus a number of basis points depending on the
type of mortgage loan or securities 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 DB Structured Products, Inc. and Deutsche
Bank Securities Inc., dated as of January 31, 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: February 1, 2008