WESTLAKE VILLAGE, Calif.–(BUSINESS WIRE)–PennyMac Mortgage Investment Trust today announced the pricing of its underwritten public offering of 10,000,000 of its 6.75% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest, liquidation preference $25.00 per share, for gross proceeds of $250 million, before deducting underwriting discounts and commissions and other estimated offering expenses.
The Company intends to apply to list the Series C Preferred Shares on the New York Stock Exchange under the symbol “PMT PrC.” The offering is expected to close on August 24, 2021, subject to the satisfaction of customary closing conditions.
The Company has granted the underwriters an option for 30 days to purchase up to an additional 1,500,000 Series C Preferred Shares to cover over-allotments, if any.
The Company intends to use the net proceeds of the offering to fund its general business purposes, including funding its correspondent production and investment activity, which may include investments in mortgage servicing rights, as well as the repayment of indebtedness and working capital.
Morgan Stanley & Co, BofA Securities, Goldman Sachs & Co, Keefe, Bruyette & Woods, RBC Capital Markets, UBS Securities and Wells Fargo Securities, are acting as joint book-running managers for the offering.
This offering is being made pursuant to an effective shelf registration statement and prospectus and related prospectus supplement, a copy of which, when available, may be obtained by contacting: Morgan Stanley & Co, 180 Varick Street, 2nd Floor, New York, NY 10014, Attn: Prospectus Department, telephone: 1-866-718-1649; BofA Securities, Inc., 200 North College Street, NC1-004-03-43, Charlotte, NC 28255-0001, Attention: Prospectus Department, telephone: 1-800-294-1322 or email: dg.prospectus_requests@bofa.com; Goldman Sachs & Co, 200 West Street, New York, NY 10282, Attention: Prospectus Department, telephone 1-866-471-2526 or email: prospectus-ny@ny.email.gs.com; Keefe, Bruyette & Woods, Inc., 787 Seventh Avenue, Fourth Floor, New York, NY 10019, telephone 1-800-966-1559; RBC Capital Markets, 200 Vesey Street, 8th Floor, New York, NY 10281-8098, telephone: 1-866-375-6829 or email: rbcnyfixedincomeprospectus@rbccm.com; UBS Securities, 1285 Avenue of the Americas, New York, NY 10019, Attention: Prospectus Department, telephone: 1-888-827-7275; or Wells Fargo Securities, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn: WFS Customer Service, telephone: 1-800-645-3751 or email: wfscustomerservice@wellsfargo.com.
This press 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 or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About PennyMac Mortgage Investment Trust
PennyMac Mortgage Investment Trust is a mortgage real estate investment trust that invests primarily in residential mortgage loans and mortgage-related assets. The Company is externally managed by PNMAC Capital Management, a wholly-owned subsidiary of PennyMac Financial Services.
