PreferredStockChannel
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Sun, December 1, 12:06 PM
| This Slide: #284 of 628 |
Slide #284. PennyMac Mortgage Investment Trust — Preferred Stock Offering
Company:
PennyMac Mortgage Investment Trust (NYSE:PMT)
Date announced:
3/2/2017
Shares Offered:
4,600,000
Date of Pricing:
3/2/2017
Price Per Share:
$25.00
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 specialty finance company. Co. invests primarily in mortgage-related assets. Co. conducts all its operations, and makes investments, through PennyMac Operating Partnership, L.P. and its subsidiaries. Co.'s segments include credit sensitive strategies, interest rate sensitive strategies, correspondent production, and corporate. The credit sensitive strategies segment represents its investments in credit risk transfer (CRT) arrangements, subordinate mortgage-backed securities (MBS), distressed loans, and real estate.
Preferreds: PMT.PRA, PMT.PRB, PMT.PRC
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Avg. Broker Rec.
  
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Hold (2.50 out of 4) 14th percentile
(ranked lower than approx. 86% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com |
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