MOORPARK, Calif.--(BUSINESS WIRE)--
PennyMac Mortgage Investment Trust (NYSE:PMT) today announced that it is
offering 10,000,000 common shares of beneficial interest (“shares”) in
an underwritten public offering. The underwriters will have a 30-day
option from the date of the offering to purchase up to an additional
1,500,000 shares from the Company. All of the shares will be 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 to fund a
portion of the purchase price for two portfolios of residential whole
mortgage loans (if such acquisitions are completed), to fund the
continued growth of its correspondent lending business, to acquire
additional mortgage loans or other investments, including those under
existing forward purchase agreements, and for general corporate purposes.
BofA Merrill Lynch, Citigroup and Credit Suisse Securities (USA) LLC are
acting as the underwriters for the offering.
The offering of these securities may be made only by means of a
prospectus and a related prospectus supplement, a copy of which may be
obtained by contacting: BofA Merrill Lynch, 4 World Financial Center,
New York, New York 10080, Attention: Prospectus Department Email: dg.prospectus_requests@baml.com;
Citigroup, Brooklyn Army Terminal, 140 58th Street, 8th
Floor, Brooklyn, New York 11220, Attention: Prospectus Department,
Telephone: 800-831-9146; or Credit Suisse Securities (USA) LLC,
Attention: Prospectus Department, One Madison Avenue, New York, New York
10010, Telephone: 800-221-1037, Email: newyork.prospectus@credit-suisse.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities
laws of any state.
About PennyMac Mortgage Investment Trust
PennyMac Mortgage Investment Trust is a mortgage real estate investment
trust (REIT) that invests primarily in residential mortgage loans and
mortgage-related assets. PennyMac Mortgage Investment Trust trades on
the New York Stock Exchange under the symbol “PMT” and is externally
managed by PNMAC Capital Management, LLC, a wholly owned subsidiary of
Private National Mortgage Acceptance Company, LLC.
This press release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, regarding management’s beliefs, estimates, projections and
assumptions with respect to, among other things, the Company’s financial
results, future operations, business plans and investment strategies, as
well as industry and market conditions, all of which are subject to
change. Words like “believe,” “expect,” “anticipate,” “promise,” “plan,”
and other expressions or words of similar meanings, as well as future or
conditional verbs such as “will,” “would,” “should,” “could,” or “may”
are generally intended to identify forward-looking statements. Actual
results and operations for any future period may vary materially from
those projected herein and from past results discussed herein. Factors
which could cause actual results to differ materially from historical
results or those anticipated include, but are not limited to: changes in
general business, economic, market and employment conditions from those
expected; continued declines in residential real estate and disruption
in the U.S. housing market; the availability of, and level of
competition for, attractive risk-adjusted investment opportunities in
residential mortgage loans and mortgage-related assets that satisfy our
investment objectives and investment strategies; changes in our
investment or operational objectives and strategies, including any new
lines of business; the concentration of credit risks to which we are
exposed; the availability, terms and deployment of short-term and
long-term capital; unanticipated increases in financing and other costs,
including a rise in interest rates; the performance, financial condition
and liquidity of borrowers; increased rates of delinquency or decreased
recovery rates on our investments; increased prepayments of the mortgage
and other loans underlying our investments; changes in regulations or
the occurrence of other events that impact the business, operation or
prospects of government sponsored enterprises; changes in government
support of homeownership; changes in governmental regulations,
accounting treatment, tax rates and similar matters; and our ability to
satisfy complex rules in order to qualify as a REIT for U.S. federal
income tax purposes. You should not place undue reliance on any
forward-looking statement and should consider all of the uncertainties
and risks described above, as well as those more fully discussed in
reports and other documents filed by the Company with the Securities and
Exchange Commission from time to time. The Company undertakes no
obligation to publicly update or revise any forward-looking statements
or any other information contained herein, and the statements made in
this press release are current as of the date of this release only.
PennyMac Mortgage Investment Trust
Kevin Chamberlain
Managing
Director, Corporate Communications
(818) 224-7028
Source: PennyMac Mortgage Investment Trust