PennyMac Mortgage Investment Trust (NYSE: PMT) today announced that it
is offering 11,300,000 common shares of beneficial interest (“shares”)
in an underwritten public offering. The underwriters will have a 30-day
option from the date of the offering to purchase up to an additional
1,695,000 shares from the Company. All of the shares will be offered by
the Company and will be issued under the Company’s currently effective
shelf registration statement filed with the Securities and Exchange
Commission.
The Company intends to use the net proceeds from the offering to fund
its business and investment activities, which may include the
acquisition of distressed mortgage loans or other investments; the
funding of its correspondent lending business, including the purchase of
jumbo loans; the repayment of indebtedness; and for general corporate
purposes.
Citigroup, Credit Suisse Securities (USA) LLC, J.P. Morgan and Morgan
Stanley are acting as the underwriters for the offering.
The offering of these common shares may be made only by means of a
prospectus and a related prospectus supplement, a copy of which may be
obtained by contacting: Citigroup, c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood, New York 11717, Telephone: (800)
831-9146 or Email: batprospectusdept@citi.com;
Credit Suisse Securities (USA) LLC, Attention: Prospectus Department,
One Madison Avenue, New York, New York 10010, Telephone: (800) 221-1037
or Email: newyork.prospectus@credit-suisse.com;
J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, New York 11717, Telephone: (866) 803-9204;
or Morgan Stanley & Co. LLC, 180 Varick Street, 2nd
floor, New York, New York 10014, Attention: Prospectus Department,
Telephone: (866) 718-1649 or Email: prospectus@morganstanley.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities
laws of any state.
About PennyMac Mortgage Investment Trust
PennyMac Mortgage Investment Trust is a mortgage real estate investment
trust (REIT) that invests primarily in residential mortgage loans and
mortgage-related assets. The Company trades on the New York Stock
Exchange under the symbol “PMT” and is externally managed by PNMAC
Capital Management, LLC, a wholly owned subsidiary of Private National
Mortgage Acceptance Company, LLC.
This press release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, regarding management’s beliefs, estimates, projections and
assumptions with respect to, among other things, the Company’s financial
results, future operations, business plans and investment strategies, as
well as industry and market conditions, all of which are subject to
change. Words like “believe,” “expect,” “anticipate,” “promise,” “plan,”
and other expressions or words of similar meanings, as well as future or
conditional verbs such as “will,” “would,” “should,” “could,” or “may”
are generally intended to identify forward-looking statements. Actual
results and operations for any future period may vary materially from
those projected herein and from past results discussed herein. Factors
which could cause actual results to differ materially from historical
results or those anticipated include, but are not limited to: changes in
the Company’s investment objectives or investment or operational
strategies; volatility in the Company’s industry, the debt or equity
markets, the general economy or the residential finance and real estate
markets; changes in general business, economic, market, employment and
political conditions or in consumer confidence; declines in residential
real estate or significant changes in U.S. housing prices or activity in
the U.S. housing market; availability of, and level of competition for,
attractive risk-adjusted investment opportunities in residential
mortgage loans and mortgage-related assets that satisfy the Company’s
investment objectives; concentration of credit risks to which we are
exposed; the degree and nature of the Company’s competition; the
Company’s dependence on its manager and servicer, potential conflicts of
interest with such entities, and the performance of such entities;
availability, terms and deployment of short-term and long-term capital;
unanticipated increases or volatility in financing and other costs; the
performance, financial condition and liquidity of borrowers; incomplete
or inaccurate information or documentation provided by customers or
counterparties, or adverse changes in the financial condition of the
Company’s customers and counterparties; the quality and enforceability
of the collateral documentation evidencing the Company’s ownership and
rights in the assets in which it invests; increased rates of
delinquency, default and/or decreased recovery rates on the Company’s
investments; increased prepayments of the mortgages and other loans
underlying the Company’s mortgage-backed securities and other
investments; the degree to which the Company’s hedging strategies may
protect it from interest rate volatility; the Company’s failure to
maintain appropriate internal controls over financial reporting; the
Company’s ability to comply with various federal, state and local laws
and regulations that govern its business; changes in legislation or
regulations or the occurrence of other events that impact the business,
operations or prospects of government agencies, mortgage lenders and/or
publicly-traded companies; the creation of the Consumer Financial
Protection Bureau and enforcement of its rules; changes in government
support of homeownership; changes in government or government-sponsored
home affordability programs; changes in governmental regulations,
accounting treatment, tax rates and similar matters (including changes
to laws governing the taxation of REITs; limitations imposed on the
Company’s business and its ability to satisfy complex rules for it to
qualify as a REIT for U.S. federal income tax purposes and qualify for
an exclusion from the Investment Company Act of 1940 and the ability of
certain of the Company’s subsidiaries to qualify as REITs or of the
Company’s subsidiaries to qualify as taxable REIT subsidiaries for U.S.
federal income tax purposes and the Company’s ability and the ability of
its subsidiaries to operate effectively within the limitations imposed
by these rules; and the effect of public opinion on the Company’s
reputation. You should not place undue reliance on any forward-looking
statement and should consider all of the uncertainties and risks
described above, as well as those more fully discussed in reports and
other documents filed by the Company with the Securities and Exchange
Commission from time to time. The Company undertakes no obligation to
publicly update or revise any forward-looking statements or any other
information contained herein, and the statements made in this press
release are current as of the date of this release only.
Copyright Business Wire 2013