Western Asset Mortgage Capital Announces IPO

Posted by Orb Staff on May 01, 2012 No Comments
Categories : Residential Mortgage

11443_dollar_circle Western Asset Mortgage Capital Announces IPO Western Asset Mortgage Capital Corp., a Pasadena, Calif.-based real estate investment trust (REIT), has announced plans to conduct an initial public offering (IPO) of 8 million shares of its common stock.

The underwriters of the offering will have a 30-day option to purchase an additional 1.2 million shares of common stock from the company at the IPO price to cover over-allotments, if any. The REIT has applied to list its common stock on the New York Stock Exchange under the symbol ‘WMC.’

The REIT intends to use the net proceeds of the offering to purchase agency residential mortgage-backed securities and its potential target assets. Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Jefferies & Co. Inc. are acting as the joint bookrunners for the proposed offering.

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