Western Asset Mortgage Capital Corporation Announces Closing Of Public And Private Offerings Of Common Stock

PASADENA, Calif., April 10, 2014 /PRNewswire/ -- Western Asset Mortgage Capital Corporation (NYSE: WMC) announced that on April 9, 2014 it closed a public offering of 13,000,000 shares of its common stock and a private placement of 650,000 shares of its common stock with its external manager Western Asset Management Company.  The Company further announced that the combined net proceeds from the public offering and the private placement were approximately $200 million, after deducting the underwriting discount and estimated offering expenses payable by the Company.  The underwriters have an option to purchase up to an additional 1,950,000 shares of the Company's common stock.

BofA Merrill Lynch, Morgan Stanley, Citigroup, UBS Investment Bank and Barclays acted as joint book runners for the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. 

A registration statement relating to these securities has been filed and has been declared effective by the Securities and Exchange Commission. The public offering was made only by means of a preliminary prospectus, copies of which may be obtained by contacting: BofA Merrill Lynch, Attention: Prospectus Department, 222 Broadway, New York, NY 10038, or by email at [email protected]; Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, 2^nd Floor, New York, NY 10014; Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (800) 831-9146; UBS Securities LLC, Attention: Prospectus Department, 299 Park Avenue, New York, New York 10171, or by telephone at (888) 827-7275;  Barclays, Prospectus Department, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (888) 603-5847, or by email at [email protected].

ABOUT WESTERN ASSET MORTGAGE CAPITAL CORPORATION
Western Asset Mortgage Capital Corporation is a REIT that invests primarily in Agency RMBS, which are residential mortgage-backed securities for which the principal and interest payments are guaranteed by a U.S. Government agency (such as GNMA) or a U.S. Government-sponsored entity (such as FNMA or FHLMC). The Company also invests in residential mortgage-backed securities that are not guaranteed by a U.S. Government agency or sponsored entity and commercial mortgage-backed securities. In the future, it may opportunistically invest in other asset-backed securities. The Company is externally managed and advised by Western Asset Management Company, an investment advisor registered with the SEC and a wholly-owned subsidiary of Legg Mason, Inc.

FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute "forward-looking statements."  Operating results are subject to numerous conditions, many of which are beyond the control of the Company, including, without limitation, changes in interest rates; changes in the yield curve; changes in prepayment rates; the availability and terms of financing; general economic conditions; market conditions; conditions in the market for mortgage related investments; legislative and regulatory changes that could adversely affect the business of the Company; and other factors, including those set forth in the Risk Factors section of the Company's annual report on Form 10-K for the period ended December 31, 2013 filed with the Securities and Exchange Commission ("SEC"). The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

SOURCE Western Asset Mortgage Capital Corporation

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