Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers P > Headlines for PennyMac Mortgage Investment Trust > News item |
PennyMac Mortgage plans $200 million seven-year exchangeables to yield 5.25%-5.75%, up 20%-25%
By Rebecca Melvin
New York, April 23 - PennyMac Mortgage Investment Trust launched an offering of $200 million of seven-year exchangeable senior notes after the market close Tuesday, which was seen pricing after the market close Wednesday.
The securities were talked to yield 5.25% to 5.75% with an initial conversion premium of 20% to 25%, according to market sources.
The Rule 144A offering has a $30 million greenshoe. Credit Suisse Securities (USA) LLC, BofA Merrill Lynch and Citigroup Global Markets Inc. are the joint bookrunners.
The exchangeables are non-callable. There is standard takeover protection, and dividend protection, in the form of a conversion rate adjustment for dividends paid above $0.57 quarterly.
Proceeds are expected to be used to acquire distressed mortgage loans, to develop correspondent lending business, to repay debt and for general corporate purposes.
Calabasas, Calif.-based PennyMac is a real estate investment trust.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.