PennyMac Mortgage Investment Trust could raise $315 million in fresh cash when it closes on the sale of 15 million shares of its common stock.
The recently announced offering of additional stock is expected to close midweek. In trading Tuesday, PennyMac’s shares were selling for just over $21 a unit.
The company said it will use the proceeds to “fund the continued growth of its correspondent lending business, to acquire additional mortgage loans or other investments, including those under existing forward purchase agreements and for general corporate purposes.”
Bank of America Merrill Lynch, Citigroup and Credit Suisse are acting as the underwriters for the offering.
BofA recently increased a repo line it had with PennyMac by $100 million.