PennyMac Mortgage (PMT) IPO Opens Lower
- Top 10 News for 4/13 - 4/17: China Regulation, Greek Debt Rattle Markets; Netflix Rockets on Results; M&A News, Rumors Abound
- U.S. Antitrust Lawyers May Move to Block Comcast (CMCSA), Time Warner Cable (TWC) Deal
- Teva (TEVA) Said Considering Bid for Mylan (MYL)
- General Electric (GE) Tops Q1 EPS by 1c
- Stock Futures Deep in the Red
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.
Real-Time Market Moving News Two-Weeks FREE http://www.streetinsider.com/premium_content.php
You May Also Be Interested In
- Party City (PRTY) IPO Prices at $17, High-End of Expected Range
- Marlin Midstream Partners (FISH) Files $1B Mixed Shelf; 10.66M Common Units for Selling Holders
- Party City Announces Pricing of Its Initial Public Offering
Create E-mail Alert Related CategoriesHot List, IPOs, Trader Talk
Related EntitiesCredit Suisse, Stifel Nicolaus, Deutsche Bank, UBS, Merrill Lynch, JMP Securities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!