PASADENA, Calif., Sept. 20, 2018 /PRNewswire/ -- Western Asset
Mortgage Capital Corporation (NYSE: WMC) (the "Company") today
announced that it has commenced a public offering of 6,500,000
shares of the Company's common stock. The Company also intends to
grant the underwriters a 30-day option to purchase up to an
additional 975,000 shares of common stock.
The Company intends to use the net proceeds from the offering
primarily 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.
Morgan Stanley, BofA Merrill Lynch, Credit Suisse and Keefe,
Bruyette & Woods, A Stifel Company, are acting as joint
book-running managers 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 Morgan Stanley, Attention: Prospectus
Department, 180 Varick Street, 2nd Floor, New York, NY 10014, BofA Merrill Lynch,
Attention: Prospectus Department, NC1-004-03-43, 200 North College
Street, 3rd Floor, Charlotte, NC
28255-0001, email: dg.prospectus_requests@baml.com, Credit Suisse,
c/o Credit Suisse Prospectus Department, One Madison Avenue,
New York, New York 10010,
telephone: 1-800-221-1037, email:
newyork.prospectus@credit-suisse.com or Keefe, Bruyette &
Woods, A Stifel Company, Attn: Capital Markets, 787 Seventh
Avenue, 4th Floor, New York, NY
10019, telephone: 1-800-966-1559.
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 of assets consisting of Agency CMBS, Agency
RMBS, Non-Agency RMBS, Non-Agency CMBS, ABS, GSE Risk Transfer
Securities, Residential Whole and 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.
FORWARD-LOOKING STATEMENTS
Certain items in this
press release may constitute forward-looking statements within the
meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995, including, but not limited to,
statements relating to the proposed offering and the anticipated
use of the net proceeds from the offering. These statements are
based on management's current expectations and beliefs and are
subject to a number of trends and uncertainties that could cause
actual results to differ materially from those described in the
forward-looking statements. The Company can give no assurance that
its expectations will be attained. Factors that may cause actual
results to vary from our forward-looking statements include, but
are not limited to, 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;
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,
2017 and quarterly reports on Form 10-Q for the fiscal
quarters ended March 31, 2018 and
June 30, 2018 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.
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SOURCE Western Asset Mortgage Capital Corporation