By Abigail W. Adams
Portland, Me., Dec. 10 – Western Asset Mortgage Capital Corp. priced a $50 million tap of its 6.75% convertible notes due Oct. 1, 2022 at the midpoint of talk for a reoffer price of 101.25 and a yield of 6.252%, according to an FWP filing with the Securities and Exchange Commission.
Price talk was for a reoffer price of 101 to 101.5, according to a market source.
JMP Securities LLC was 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.
| Issuer: | Western Asset Mortgage Capital Corp.
|
| Securities: | Convertible senior notes
|
| Amount: | $50 million tap
|
| Maturity: | Oct. 1, 2022
|
| Bookrunner: | JMP Securities LLC
|
| Coupon: | 6.75%
|
| Price: | 101.25
|
| Yield: | 6.252%
|
| Conversion price: | 12.02
|
| Conversion rate: | 83.1947
|
| Call options: | Non-callable until July 1, 2022
|
| Put options: | None
|
| Pricing date: | Dec. 10
|
| Settlement date: | Dec. 12
|
| Distribution: | Registered
|
| Talk: | Reoffer price of 101 to 101.5
|
| Stock symbol: | NYSE: WMC
|
| Stock price: | $10.48 at market close Dec. 9
|
| Market capitalization: | $557.79 million
|
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