PennyMac Mortgage (PMT) IPO Opens Lower
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The IPO for PennyMac Mortgage Investment Trust (NYSE: PMT) is open for trading. Shares are trading at $19.07 after pricing 16,000,000 common shares at $20.00 per share. The offering size was cut by 20%.
PennyMac Mortgage Investment Trust has also granted the underwriters a 30-day option to purchase up to an additional 15% of the common shares sold in the underwritten offering to cover overallotments, if any.
Concurrently with the completion of the initial public offering, PennyMac Mortgage Investment Trust intends to complete a private placement of 5% of the common shares sold in the underwritten offering at the same $20.00 per share.
The gross proceeds of the initial public offering and the private placement, before deducting the underwriting discount and expenses related to the offering, are expected to be approximately $335 million (assuming the underwriters' overallotment option is not exercised). PennyMac Mortgage Investment Trust intends to use the net proceeds from the offerings to purchase residential mortgage loans and mortgage-related assets, a substantial portion of which may be distressed.
Merrill Lynch & Co., Credit Suisse Securities (USA) LLC and Deutsche Bank Securities are the joint book-running managers for the offering. JMP Securities and Stifel Nicolaus are acting as co-managers.
PennyMac Mortgage Investment Trust is a newly-formed mortgage real estate investment trust (REIT) that will invest primarily in residential mortgage loans and mortgage-related assets.
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