Western Asset Mortgage Capital Corp. today announced its plans for an IPO of 8,000,000 shares of its common stock.

Western Asset will use the offering's net proceeds to buy agency RMBS and its potential target assets, although focusing mostly on agency RMBS.

The target assets that the REIT might use to opportunistically supplement its portfolio include: non-agency RMBS, CMBS and other ABS. 

Deutsche Bank Securities, JPMorgan Securities, Citigroup Global Markets and Jefferies & Co. are acting as the joint book runners for the proposed offering.

Meanwhile, Stifel, Nicolaus & Co., RBC Capital Markets and JMP Securities are acting as co-lead managers. National Securities Corp., Sterne, Agee & Leach and Wunderlich Securities are acting as co-managers on the deal.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.