Western Asset Management announces IPO for agency RMBS investments
Western Asset Management, the fixed-income arm of Baltimore-based asset manager Legg Mason, disclosed terms of its initial public offering.
Western Asset Management is a real estate investment trust looking to raise $160 million by issuing 8 million shares at $20 each.
The REIT, which will trade on the New York Stock Exchange under the symbol WMC, will use proceeds to invest in mortgage-backed securities from Fannie Mae, Freddie Mac and Ginnie Mae.
If successful, Western Asset Management will be worth $207 million, however some recent REIT IPOs fell below expectation.
Ares Commercial Real Estate (ACRE) priced an IPO late last week, raising $7.7 million of common stock at $18.50 per share. Original predictions were $19 to $20 per share.