PennyMac Mortgage Prices Public Offering

By staff-author

May 8, 2019

0

PennyMac Mortgage Investment Trust on Wednesday announced the pricing of a public offering of 8 million common shares, which would yield the company $169 million before expenses. The underwriters have an option to purchase an additional 1.2 million shares within 30 days of the offering date. If taken, proceeds would rise to an estimated $195 million. The company didn’t announce the per-share price, but the numbers imply a price of $21.13. PennyMac Mortgage of Westlake Village intends to use the net proceeds from the offering to fund its investment activity, including credit risk transfer securities, mortgage servicing rights, mortgage-backed securities and new products such as home equity lines of credit or prime, non-qualified mortgage loans, and for other general corporate purposes. The offering is expected to go live Thursday. Its underwriters are Morgan Stanley & Co., Citigroup Global Markets Inc., Credit Suisse Securities (USA), J.P. Morgan Securities and Barclays Capital Inc. The stock of PennyMac Mortgage (PMT) on Wednesday closed up 8 cents, or less than 1 percent, to $20.89 on the Nasdaq.

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