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Western Asset Mortgage launches convertible senior notes offering

Western Asset Mortgage Capital Corp. launched an underwritten public offering of its 6.75% convertible senior notes due 2022.

The offering is a reopening of notes that are part of a single series with the $115 million principal amount of 6.75% convertible senior notes issued in October 2017. The reopened notes will have substantially similar terms to the previously issued notes.

The notes will pay interest semiannually and are expected to mature Oct. 1, 2022.

The company will have the right to redeem the notes on or after July 1, 2022. The notes will be convertible only in certain circumstances and during certain periods before July 1, 2022.

Western Asset Mortgage plans to use the net proceeds primarily for general corporate purposes.

JMP Securities is the sole underwriter for the offering.