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PennyMac Mortgage Investment Trust prices common stock offering

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PennyMac Mortgage Investment Trust prices common stock offering

PennyMac Mortgage Investment Trust priced an underwritten public offering of 8 million common shares of beneficial interest.

The company expects gross proceeds of about $174 million from the offering, or about $200 million if underwriters fully exercise their 30-day option to buy up to an additional 1.2 million shares from the company.

The offering is expected to settle Aug. 13.

The company intends to use the net proceeds from the offering for general corporate purposes, including funding its investment activity, repayment of debt and working capital.

Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, BofA Securities Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are acting as joint book-running managers and as representatives of the underwriters for the offering. Piper Jaffray & Co. is acting as co-manager.