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Company NameWestern Asset Mortgage Capital Corporation
Offering TypeConvertible Bond
Description6.750% Convertible senior unsecured notes, due Oct 1, 2022
ISINUS95790DAA37
Currency of IssueUSD
Trading Symbol (Exchange)LM4548207 (OTC)
 
Announcement Date9/27/2017
Trade Date9/27/2017
Settlement Date10/2/2017
Completion Date9/27/2017
Overallotment Expiration11/1/2017
Lock-up Expiration11/26/2017
Date Overallotment Exercised10/2/2017
Shelf Filing Date3/7/2017
 
144a?No
Mandatory Redemption?Yes
Convertible?Yes
Exchange for Existing Issue?No

Use of Proceeds
The company intends to use the net proceeds from this offering to opportunistically invest in its target assets in accordance with its investment guidelines. The company currently intends to acquire agency CMBS, residential whole and bridge loans, mezzanine commercial loans and non-agency RMBS representing interests in pools of reperforming loans. The exact investment of the proceeds will depend on prevailing market and investment conditions at the time of issuance of the notes, and the Issuer's manager, as with the portfolio in general, expects to adjust the portfolio make up and characteristics over time with changes in economic conditions and markets.

Pricing
Offer Price ($)100.00
Yield to Maturity (%)6.750
Treasury Spread (%)4.860
Gross Amount Offered ($000)100,000
Amount Including Overallotment ($000)115,000
Minimum Denominations/Increments1,000/1,000
Original Shelf Value ($000)400,000

Overallotments
Overallotment Amount Available ($000)15,000
Overallotment Amount Exercised ($000)15,000

Underwriting Fees
Gross Spread ($)30.00
Gross Spread (%)3.00

UnderwritersShares UnderwrittenAmount Underwritten($000)
Book Manager(s)
  JMP Securities LLC-100,000

Professionals
Issuer's CounselSkadden, Arps, Slate, Meagher & Flom LLP & Affiliates
Underwriter's CounselCozen O'Connor
Auditor(s)PricewaterhouseCoopers LLP
Clearing House(s)Depository Trust Company

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