Western Asset Mortgage Capital Corporation, a Legg Mason-owned REIT focused on investing in Agency RMBS, announced terms for its IPO on Monday. The Pasadena, CA-based company plans to raise $160 million by offering 8.0 million shares at a price of $20. It also plans to offer 2.2 million units, consisting of a share and a warrant to half a share, and 46,043 shares in concurrent private placements. After the offering, the REIT will command a market value of $207 million. Western Asset Mortgage Capital, which was founded in 2009, plans to list on the NYSE under the symbol WMC. J.P. Morgan, Deutsche Bank, Citi and Jefferies are the joint bookrunners on the deal.
