PennyMac Mortgage Investment Trust (PMT: Quote) said Tuesday that it has priced an underwritten public offering of 10 million common shares of beneficial interest.
The underwriters have a 30-day option from the date of the offering to purchase up to an additional 1.5 million shares from the company.
Settlement of the offering is expected to occur on May 11.
The company plans 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.
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by RTT Staff Writer
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