PennyMac Mortgage Investment Trust (NYSE: PMT - News), a newly-formed mortgage real estate investment trust, today announced the pricing of the initial public offering of 16,000,000 common shares at $20.00 per share. PennyMac Mortgage Investment Trust has also granted the underwriters a 30-day option to purchase up to an additional 15% of the common shares sold in the underwritten offering to cover overallotments, if any. Concurrently with the completion of the initial public offering, PennyMac Mortgage Investment Trust intends to complete a private placement of 5% of the common shares sold in the underwritten offering at the same $20.00 per share.
The gross proceeds of the initial public offering and the private placement, before deducting the underwriting discount and expenses related to the offering, are expected to be approximately $335 million (assuming the underwriters' overallotment option is not exercised). PennyMac Mortgage Investment Trust intends to use the net proceeds from the offerings to purchase residential mortgage loans and mortgage-related assets, a substantial portion of which may be distressed.
The shares of PennyMac Mortgage Investment Trust are expected to be listed on the New York Stock Exchange under the ticker symbol "PMT."
Merrill Lynch & Co., Credit Suisse Securities (USA) LLC and Deutsche Bank Securities are the joint book-running managers for the offering. JMP Securities and Stifel Nicolaus are acting as co-managers
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