Western Asset Mortgage Capital Corporation Announces Proposed Public Offering Of 6.75% Convertible Senior Notes Due 2022
Western Asset Mortgage Capital Corporation Announces Proposed Public Offering Of 6.75% Convertible Senior Notes Due 2022 |
[19-August-2019] |
PASADENA, Calif., Aug. 19, 2019 /PRNewswire/ -- Western Asset Mortgage Capital Corporation (NYSE: WMC) (the "Company") today announced that it is commencing an underwritten offering of its 6.75% Convertible Senior Notes due 2022 (the "Reopened Notes"). The Reopened Notes will be a further issuance of, be fully fungible with, and rank equally in right of payment with and form a single series with the $115 million principal amount of 6.75% Convertible Senior Notes issued by the Company in October 2017 (the "Existing Notes" and, together with the Reopened Notes, the "Notes"). The Reopened Notes will have substantially identical terms as the Existing Notes and will have the same CUSIP number as the Existing Notes. The Notes will pay interest semiannually and are expected to mature on October 1, 2022, unless earlier converted, redeemed or repurchased. The Company will have the right to redeem the Notes on or after July 1, 2022. Prior to July 1, 2022, the Notes will be convertible only upon certain circumstances and during certain periods, and thereafter will be convertible at any time prior to the close of business on the business day immediately preceding the maturity date of the Notes. The Notes will be convertible into cash, shares of the Company's common stock or a combination thereof, at the Company's sole election. The Company intends to use the net proceeds from the offering primarily for general corporate purposes, including to opportunistically invest in credit sensitive investments consisting of Residential Whole Loans, Commercial Loans, Non-Agency CMBS and Non-Agency RMBS. The exact investment of the proceeds will depend on prevailing market and investment conditions at the time its manager Western Asset Management Company, LLC invests the net proceeds. JMP Securities is the sole underwriter for the offering. The offering is being made pursuant to an effective shelf registration statement, including a prospectus and related prospectus supplement, filed by the Company with the Securities and Exchange Commission (the "SEC"). These documents may be obtained for free by visiting the SEC's website at http://www.sec.gov. Alternatively, a copy of the preliminary prospectus supplement and accompanying prospectus related to the offering may be obtained, when available, by contacting JMP Securities LLC, 600 Montgomery Street, 10th Floor, San Francisco, CA 94111, Attention: Prospectus Department, or by calling (212) 906-3523. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. ABOUT WESTERN ASSET MORTGAGE CAPITAL CORPORATION FORWARD-LOOKING STATEMENTS View original content:http://www.prnewswire.com/news-releases/western-asset-mortgage-capital-corporation-announces-proposed-public-offering-of-6-75-convertible-senior-notes-due-2022--300903827.html SOURCE Western Asset Mortgage Capital Corporation | ||
Company Codes: NYSE:WMC |
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