Pasadena-Based Western Asset Mortgage Expects $50.7 Million from Stock Offering

Published : Thursday, May 16, 2019 | 4:50 AM

Pasadena-based Western Asset Mortgage Capital Corporation is expecting total estimated gross proceeds of approximately $50.7 million from its previously announced public offering of 5,000,000 shares of common stock.

The figure does not accounting deductions on underwriting discounts, commissions and estimated offering expenses.

On May 14, the company announced commencement of the public offering and expressed the intention to use the net proceeds for general corporate purposes, including investment in its target assets.

The exact investment of the proceeds will depend on prevailing market and investment conditions at the time its manager, Western Asset Management Company, LLC, invests the net proceeds, according to a company statement.

Western Asset Mortgage has also granted the underwriter a 30-day option to purchase up to an additional 750,000 shares of common stock on the same terms and conditions. The offering is expected to close May 17, the company said.

JMP Securities LLC is acting as the book-running manager for the offering.

Prospective investors can obtain copies of the shelf registration statement, including a prospectus and related prospectus supplement, that the company filed with the Securities and Exchange Commission, by visiting www.sec.gov.

Alternatively, they can also obtain a copy of the final prospectus supplement and accompanying prospectus by contacting JMP Securities LLC, at 600 Montgomery Street, 10th Floor, San Francisco, CA 94111, attention to the Prospectus Department, or by calling (415) 835-8985.

To learn more about Western Asset Mortgage Capital Corporation, visit the company website, www.westernassetmcc.com.

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