PennyMac Mortgage Investment Trust announced Friday that it has priced 15 million common shares for public offering.
According to a company release, PennyMac will use proceeds from the offering to fund a portion of the purchase price for a portfolio of residential mortgage loans, to fund the continued growth of its lending business, to acquire additional mortgage loans, and for general use.
Bank of America, Merrill Lynch, Citigroup, and Credit Suisse Securities are acting as the underwriters for the offering.
The company stated underwriters have a 30-day option from the date of the offering to purchase up to an additional 2,250,000 shares.
PennyMac Mortgage Investment Trust serves as a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets.
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