PennyMac Mortgage Investment Trust (PMT: Quote) Friday said it priced its 15 million common shares offering.
According to the terms, the underwriters will have a 30-day option to purchase an additional 2.25 million shares from the date of the offering.
PennyMac in a statement said that it intended to use the proceeds from the offering to fund its lending business, buy residential whole mortgage loans and additional mortgage loans or other investments.
Credit Suisse Securities, BofA Merrill Lynch and Citigroup are acting as the underwriters for the offering.
PennyMac is currently trading down about 4% at $20.96 in pre-market.
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by RTT Staff Writer
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