Pasadena’s Western Asset Mortgage Capital Corporation Announces Pricing of Public Offering of 6,500,000 Shares of Common Stock

Published : Tuesday, September 25, 2018 | 4:43 AM

Pasadena-based Western Asset Mortgage Capital Corporation said Friday its previously announced public offering of 6,500,000 shares of common stock are now priced at $10.85 per share, for total estimated gross proceeds of approximately $70.5 million before deducting the underwriters’ discounts and commissions and estimated offering expenses.

The company has also granted underwriters a 30-day option to purchase up to an additional 975,000 shares of common stock on the same terms and conditions. The offering is subject to customary closing conditions and is expected to close on or about September 25, 2018.

Western Asset said it intends to use the net proceeds from the offering to invest in its target assets according to its investment guidelines. The exact investment will depend on prevailing market and investment conditions at the time its manager, Western Asset Management Company LLC, invests the net proceeds.

Morgan Stanley, Bank of America Merrill Lynch, Credit Suisse and Keefe, Bruyette and Woods are acting as joint book-running managers for the offering.

Western Asset Mortgage Capital Corporation is a real estate investment trust that invests in, acquires and manages a diverse portfolio of assets, among them commercial and residential mortgage-backed securities, asset-backed securities, GSE (government-sponsored enterprise) risk transfer securities, and residential and commercial loans.

The company, headquartered at 385 E. Colorado Blvd. in Pasadena, is externally managed and advised by Western Asset Management Company, LLC, an investment advisor registered with the Securities and Exchange Commission and a wholly-owned subsidiary of Legg Mason, Inc.

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