Pennymac Mortgage Trust (PMT) Prices 7M Share Common Offering for Estimated Gross Proceeds of Approx. $145M

February 12, 2019 5:45 AM

PennyMac Mortgage Investment Trust (NYSE: PMT) announced today the pricing of an underwritten public offering of 7,000,000 common shares of beneficial interest (“shares”) for total estimated gross proceeds of approximately $145 million (or approximately $166 million if the option to purchase additional common shares is exercised in full). The underwriters have a 30-day option from the date of the offering to purchase up to an additional 1,050,000 shares from the Company. Settlement of the offering is subject to customary closing conditions and is expected to occur on February 14, 2019. All of the shares were offered by the Company and will be issued under the Company’s currently effective shelf registration statement filed with the Securities and Exchange Commission.

The Company intends to use the net proceeds from the offering for general corporate purposes, including funding its investment activity, which may include investments in credit risk transfer securities, mortgage servicing rights, mortgage-backed securities and new products such as home equity lines of credit or prime, non-qualified mortgage loans, as well as the repayment of indebtedness and working capital.

Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC are acting as the underwriters for the offering.

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