Western Asset repurchases $10 million of 6.75% convertibles

By Taylor Fox

New York, Dec. 31 – Western Asset Mortgage Capital Corp. purchased an additional $10 million of its 6.75% convertible senior notes at about a 13% discount to par value, according to a news release.

The purchase was made during the fourth quarter of 2020 as part of the company’s ongoing initiative to strengthen its balance sheet.

This purchase brings the company’s total notes repurchased in the fourth quarter to $25 million. Following these repurchases the company had $175 million of notes outstanding.

Western Asset Mortgage Capital is a Pasadena, Calif.-based real estate investment trust.

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