AG Mortgage ponders repayment of Western Asset’s 6.75% convertibles

Chicago, Jan. 23 – AG Mortgage Investment Trust, Inc., which is now responsible for the 6.75% convertible senior notes due 2024 issued by Western Asset Mortgage Capital Corp. after a merger, is considering a repurchase or partial repayment of the notes, according to a press release.

The company priced a new $30 million offering of 9.5% senior notes due 2029 on Tuesday, with a greenshoe option for another $4.5 million. Proceeds from the new notes may be used to fund a repayment or redemption.

There were $86.3 million of the convertible notes outstanding on Dec. 6.

The convertibles can be redeemed at the company’s option starting on June 15, 2024 and the maturity date is Sept. 15, 2024.

AG Mortgage is a residential mortgage real estate investment trust based in New York.

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