PennyMac Mortgage Investment Trust Prices IPO

Posted by Orb Staff on July 30, 2009 No Comments
Categories : Residential Mortgage][u]PennyMac Mortgage Investment Trust[/u][/link], a real estate investment trust owned by Private National Mortgage Acceptance Co. LLC, has priced an initial public offering (IPO). Combined with its intention to complete a private placement of 5% of the common shares sold in the IPO, the newly formed company expects to gross $335 million. The proceeds will be used to acquire residential mortgage loans and mortgage-related assets. A ‘substantial portion’ of the assets may be distressed, the PennyMac says. The shares of PennyMac Mortgage Investment Trust are expected to be listed on the New York Stock Exchange under the ticker symbol ‘PMT.’ SOURCE: [link=]PennyMac Mortgage Investment Trust

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