PennyMac Mortgage to Sell 7 Million Shares in Offering

PennyMac Mortgage Investment Trust plans to raise capital by 7 million of its shares, the company announced Monday. The Westlake Village company, which buys and services home mortgages, intends to use money from the offering “for general corporate purposes, including funding its investment activity, which may include investments in credit risk transfer securities, mortgage servicing rights, mortgage-backed securities and new products such as home equity lines of credit or prime, non-qualified mortgage loans,” according to a statement. Credit Suisse Securities, BofA Merrill Lynch, Deutsche Bank Securities Inc., Morgan Stanley & Co. and Goldman Sachs & Co. are the underwriters for the offering. Shares of PennyMac Mortgage (PMT) closed Monday unchanged at $21.32 on the New York Stock Exchange.