Western Asset talks tap of 6.75% convertible notes due 2022 at reoffer price of 101-101.5

By Abigail W. Adams

Portland, Me., Dec. 9 – Western Asset Mortgage Capital Corp. plans to price a tap of its 6.75% convertible notes due 2022 prior to the market open on Tuesday with price talk for a reoffer price of 101 to 101.5, according to a market source.

JMP Securities is bookrunner for the registered offering.

The reopened notes will be fully fungible with the $115 million 6.75% convertible notes due 2022 issued in October 2017 and $40 million of 6.75% convertible notes due 2022 issued in August 2019.

The conversion price will be $12.02 and conversion rate 83.1947.

The notes are non-callable until July 1, 2022 when they become freely callable. The notes are putable upon a fundamental change.

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

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