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Legg Mason-owned REIT Western Asset Mortgage Capital sets terms for $160 million US IPO

By Renaissance Capital,  April 30, 2012, 09:00:49 AM EDT

Western Asset Mortgage Capital Corporation, a Legg Mason-owned REIT focused on investing in Agency RMBS, announced terms for its IPO on Monday. The Pasadena, CA-based company plans to raise $160 million by offering 8.0 million shares at a price of $20. It also plans to offer 2.2 million units, consisting of a share and a warrant to half a share, and 46,043 shares in concurrent private placements. After the offering, the REIT will command a market value of $207 million. Western Asset Mortgage Capital, which was founded in 2009, plans to list on the NYSE under the symbol WMC. J.P. Morgan, Deutsche Bank, Citi and Jefferies are the joint bookrunners on the deal.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, IPOs

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