Los Angeles Business Journal

PennyMac To Sell Shares

By Deborah Crowe Thursday, August 16, 2012

PennyMac Mortgage Investment Trust said late Thursday that it plans to offer 12 million common shares in a public offering.

The Moorpark mortgage real estate investment trust intends to use net proceeds to help pay for a portfolio of residential whole mortgage loans and for general corporate purposes. Underwriters BofA Merrill Lynch, Citigroup and Credit Suisse Securities will have a 30-day option to purchase up to an additional 1.8 million shares.

The offering would have grossed more than $261 million at Thursday’s closing price of $21.80 on the New York Stock Exchange. Shares fell more than 3 percent in after-hours trading.