Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Wed, September 28, 4:38 AM
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Slide #241. PennyMac Mortgage Investment Trust — Preferred Stock Offering
PennyMac Mortgage Investment Trust (NYSE:PMT)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
PennyMac Mortgage Investment Trust (NYSE:PMT) (the "Company") today announced the pricing of its underwritten public offering of 4,600,000 of its 8.125 percent Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest (the "Series A Preferred Shares"), liquidation preference $25.00 per share, for gross proceeds of $115 million, before deducting underwriting discounts and commissions and other estimated offering expenses. The Company intends to apply to list the Series A Preferred Shares on the New York Stock Exchange under the symbol "PMT PrA." The offering is expected to close on March 9, 2017, subject to customary closing conditions. The Company has granted the underwriters an option for 30 days to purchase up to an additional 690,000 Series A Preferred Shares to cover over-allotments, if any.
PennyMac Mortgage Investment Trust is a holding company. Through its subsidiaries, Co. is a finance company that invests primarily in mortgage-related assets. Co. also conducts substantially all of its operations, and makes substantially all of its investments, through PennyMac Operating Partnership, L.P. and its subsidiaries. Co.'s business includes four segments: credit sensitive strategies,which represents Co.'s investments in credit risk transfer arrangements; interest rate sensitive strategies, which represents Co.'s investments in mortgage servicing rights; and correspondent production, which serves as an intermediary between lenders and the capital markets.
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Buy (3.14 out of 4)
(ranked lower than approx. 66% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com