Los Angeles Business Journal

PennyMac Mortgage Investment Trust to Sell Shares

By Business Journal Staff Tuesday, August 13, 2013

PennyMac Mortgage Investment Trust announced on Tuesday afternoon a secondary public offering of 11.3 million shares.

The Moorpark real estate investment trust said it would use the proceeds from the offering to fund its business and investment activities, which could include the acquisition of distressed mortgage loans or other investments; the funding of its correspondent lending business, including the purchase of jumbo loans; repaying debt; and general corporate purposes.

The offering will be issued under a shelf registration previously filed with the Securities and Exchange Commission.

Citigroup, Credit Suisse Securities (USA) LLC, J.P. Morgan and Morgan Stanley are acting as the underwriters for the 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.

The offering comes one week after the REIT reported positive results in its second quarter earnings, including a 101 percent increase in its revenue to $130 million.

Shares closed down 37 cents, or about 1.6 percent, to $23.15 on the New York Stock Exchange.