PennyMac’s 8.125% fixed-to-floating cumulative preferreds to begin trading on NYSE on Monday

By Stephanie N. Rotondo

Seattle, March 10 – PennyMac Mortgage Investment Trust’s $115 million offering of 8.125% series A fixed-to-floating rate cumulative redeemable preferred stock will list on the New York Stock Exchange on Monday, according to a market source.

The ticker symbol will be “PMTPrA.”

The deal priced March 2. The amount was increased from $75 million, and the dividend matched price talk that had been set in the 8.125% area.

There is a greenshoe for an additional $17.25 million.

Morgan Stanley & Co. LLC, Keefe Bruyette & Woods Inc. and RBC Capital Markets are the joint bookrunners.

The dividend will be fixed through March 15, 2024, at which point it will begin floating at Libor plus 583.1 basis points.

The company can call the preferred on or after March 15, 2024, or upon a change of control, at par plus accrued dividends.

Proceeds will be used to fund business and investment activities, to repay debt, to repurchase common stock under a repurchase program and for other general corporate purposes.

PennyMac is a Westlake Village, Calif.-based real estate investment trust.

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