PRNewswire 14-May-2019 4:11 PM
PASADENA, Calif., May 14, 2019 /PRNewswire/ -- Western Asset Mortgage Capital Corporation (NYSE:WMC) (the "Company") today announced that it has commenced a public offering of 5,000,000 shares of the Company's common stock. The Company has also granted the underwriter a 30-day option to purchase up to an additional 750,000 shares of common stock.
The Company intends to use the net proceeds from the offering for general corporate purposes, including to opportunistically invest in its target assets in accordance with its investment guidelines. 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 LLC is acting as the book-running manager 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 ("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 (415) 835-8985.
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
Western Asset Mortgage Capital Corporation is a real estate investment trust that invests in, acquires and manages a diverse portfolio assets consisting of Agency CMBS, Agency RMBS, Non-Agency RMBS, Non-Agency CMBS, ABS, GSE Credit Risk Transfer Securities and Residential Whole, Bridge Loans and Commercial Loans. The Company's investment strategy may change, subject to the Company's stated investment guidelines, and is based on its manager Western Asset Management Company, LLC's perspective of which mix of portfolio assets it believes provide the Company with the best risk-reward opportunities at any given time. The Company is externally managed and advised by Western Asset Management Company, LLC, an investment advisor registered with the Securities and Exchange Commission and a wholly-owned subsidiary of Legg Mason, Inc.
This press release contains statements that constitute "forward-looking statements." Operating results are subject to numerous conditions, many of which are beyond the control of the Company, including, without limitation, changes in interest rates; changes in the yield curve; changes in prepayment rates; the availability and terms of financing; general economic conditions; market conditions; conditions in the market for mortgage related investments; and legislative and regulatory changes that could adversely affect the business of the Company; and other factors, including those set forth in the Risk Factors section of the Company's annual report on Form 10-K for the period ended December 31, 2018 and quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2019 filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
SOURCE Western Asset Mortgage Capital Corporation