Western Asset Mortgage Capital Corporation Announces Pricing Of Public Offering Of 6,500,000 Shares Of Common Stock

PASADENA, Calif., Sept. 21, 2018 /PRNewswire/ -- Western Asset Mortgage Capital Corporation (NYSE: WMC) (the "Company") today announced the pricing of its previously announced public offering of 6,500,000 shares of common stock at a price to the public of $10.85 per share for total estimated gross proceeds of approximately $70.5 million, before deducting the underwriters' discounts and commissions and estimated offering expenses. The Company has also granted the underwriters a 30-day option to purchase up to an additional 975,000 shares of common stock on the same terms and conditions. The offering is subject to customary closing conditions and is expected to close on or about September 25, 2018.

The Company intends to use the net proceeds from the offering primarily to opportunistically invest in its target assets in accordance with its investment guidelines. The exact investment of the proceeds will depend on prevailing market and investment conditions at the time its manager Western Asset Management Company, LLC invests the net proceeds.

Morgan Stanley, BofA Merrill Lynch, Credit Suisse and Keefe, Bruyette & Woods, A Stifel Company, are acting as joint book-running managers for the offering.

The offering is being made pursuant to an effective shelf registration statement, including a prospectus and related prospectus supplement, filed by the Company with the Securities and Exchange Commission ("SEC"). These documents may be obtained for free by visiting the SEC's website at http://www.sec.gov. Alternatively, a copy of the final prospectus supplement and accompanying prospectus related to the offering may be obtained, when available, by contacting Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or BofA Merrill Lynch, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, email: [email protected], Credit Suisse, c/o Credit Suisse Prospectus Department, One Madison Avenue, New York, New York 10010, telephone: 1-800-221-1037, email: [email protected] or Keefe, Bruyette & Woods, A Stifel Company, Attn: Capital Markets, 787 Seventh Avenue, 4th Floor, New York, NY 10019, telephone: 1-800-966-1559.

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.

ABOUT WESTERN ASSET MORTGAGE CAPITAL CORPORATION
Western Asset Mortgage Capital Corporation is a real estate investment trust that invests in, acquires and manages a diverse portfolio of assets consisting of Agency CMBS, Agency RMBS, Non-Agency RMBS, Non-Agency CMBS, ABS, GSE Risk Transfer Securities, Residential Whole and Bridge Loans and Commercial Loans. The Company's investment strategy may change, subject to the Company's stated investment guidelines, and is based on its manager Western Asset Management Company, LLC's perspective of which mix of portfolio assets it believes provide the Company with the best risk-reward opportunities at any given time. The Company is externally managed and advised by Western Asset Management Company, LLC, an investment advisor registered with the Securities and Exchange Commission and a wholly-owned subsidiary of Legg Mason, Inc.

FORWARD-LOOKING STATEMENTS
Certain items in this press release may constitute forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to the proposed offering and the anticipated use of the net proceeds from the offering. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The Company can give no assurance that its expectations will be attained. Factors that may cause actual results to vary from our forward-looking statements include, but are not limited to, 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, 2017 and quarterly reports on Form 10-Q for the fiscal quarters ended March 31, 2018 and June 30, 2018 filed with the 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