Pennymac Mortgage Investment Trust | 8.125% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest (PMT.PRA)
Prospectus excerpt: We are offering to the public 4,600,000 of our 8.125% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share, which we refer to in this prospectus supplement as the Series A Preferred Shares. This is an original issuance of the Series A Preferred Shares. From, and including, the date of original issuance to, but not including, March 15, 2024, we will pay cumulative dividends on the Series A Preferred Shares at a fixed rate of 8.125% per annum based on the $25.00 per share liquidation preference, or $2.03125 per share. From, and including, March 15, 2024 and thereafter, we will pay cumulative dividends on the Series A Preferred Shares at a floating rate equal to three-month LIBOR (as defined herein) as calculated on each applicable dividend determination date (as defined herein) plus a spread of 5.831% per annum based on the $25.00 per share liquidation preference. We will pay quarterly cumulative dividends on the Series A Preferred Shares, in arrears, on the 15th day of each March, June, September and December, commencing on June 15, 2017 (provided that if any dividend payment date is not a business day, then the dividend that would otherwise have been payable on that dividend payment date may be paid on the next succeeding business day).
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PennyMac Mortgage Investment Trust is a holding company. Through its subsidiaries, Co. is a finance company that invests primarily in mortgage-related assets. Co. 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 three segments: credit sensitive strategies, which includes Co.'s investments in credit risk transfer; interest rate sensitive strategies, which includes Co.'s investments in mortgage servicing rights; and correspondent production, which represents Co.'s operations aimed at serving as an intermediary between lenders and the capital markets. Preferreds: PMT.PRA, PMT.PRB, PMT.PRC Open the PMT Information Page » |
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