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Western Asset Mortgage Capital prices offering of convertible senior notes

Western Asset Mortgage Capital Corp. priced its offering of $50 million of 6.75% convertible senior notes due Oct. 1, 2022, at a price to the public of 101.25% of the principal amount plus accrued and unpaid interest.

Interest payments on the notes will be made semiannually. The company can redeem the notes on or after July 1, 2022. Prior to July 1, 2022, the notes can be converted only upon certain circumstances and during certain periods and thereafter can be converted at any time prior to the close of business on the business day immediately preceding Oct. 1, 2022.

The notes can be converted into cash, common shares or a combination of the two at Western Asset Mortgage Capital's sole election. The conversion rate will initially equal 83.1947 common shares per $1,000 principal of the notes.

The offering is expected to close on or about Dec. 12.

Western Asset Mortgage Capital intends to use the net proceeds mainly for general corporate purposes, which include investing in credit-sensitive investments consisting of residential whole loans, commercial loans and non-agency commercial mortgage-backed securities.

JMP Securities is the sole underwriter for the offering.