PennyMac Mortgage Investment Trust priced an underwritten public offering of 8 million common shares of beneficial interest for total estimated gross proceeds of about $177 million, or approximately $203 million if the option to purchase additional common shares is exercised in full.
The underwriters have a 30-day option from the date of the offering to buy up to an additional 1.2 million shares from the company.
Settlement of the offering is expected to occur Dec. 13. PennyMac Mortgage Investment Trust intends to use the net proceeds from the offering for general corporate purposes, including funding its investment activity, the repayment of debt and working capital.
Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, BofA Securities, J.P. Morgan Securities LLC and Barclays Capital Inc. are the joint book-running managers and representatives of the underwriters for the offering. Nomura Securities International Inc. and Piper Jaffray & Co. are co-managers for the offering.