PennyMac Mortgage Investment Trust Prices Private Placement of $200 Million of Exchangeable Senior Notes

  PennyMac Mortgage Investment Trust Prices Private Placement of $200 Million
  of Exchangeable Senior Notes

Business Wire

MOORPARK, Calif. -- April 24, 2013

PennyMac Mortgage Investment Trust (NYSE: PMT) (“PMT”) today announced the
pricing of a private offering by its indirect wholly-owned subsidiary,
PennyMac Corp., of $200 million aggregate principal amount of its Exchangeable
Senior Notes due 2020 (the “Notes”). The initial purchasers have a 30-day
option from the date of the offering to purchase up to an additional $50
million aggregate principal amount of Notes from PennyMac Corp. The Notes will
be offered only to qualified institutional buyers (as defined in the
Securities Act of 1933, as amended (the “Securities Act”)) pursuant to Rule
144A under the Securities Act. Settlement of the offering is subject to
customary closing conditions and is expected to occur on April 30, 2013.

The Notes will bear interest at a rate of 5.375% per year, payable
semiannually. The Notes will be fully and unconditionally guaranteed by PMT
and exchangeable for PMT’s common shares of beneficial interest (“Common
Shares”) at any time until the close of business on the second scheduled
trading day immediately preceding the maturity date. The exchange rate will
initially equal 33.5149 Common Shares per $1,000 principal amount of Notes,
which is equivalent to an initial exchange price of approximately $29.84 per
Common Share. The initial exchange price is approximately 25% above the $23.87
per Common Share closing price of PMT’s Common Shares on the New York Stock
Exchange on April 24, 2013. The Notes will be PennyMac Corp.’s senior
unsecured obligations and will rank equally with all of its present and future
senior unsecured debt and senior to any future subordinated debt. The Notes
will mature on May 1, 2020 unless repurchased or exchanged in accordance with
their terms prior to such date.

The net proceeds from the offering are intended to be used to fund the
business and investment activities of PMT and its subsidiaries, which may
include the acquisition of distressed mortgage loans or other investments; the
funding of the continued growth of its correspondent lending business,
including the purchase of jumbo loans; the repayment of other indebtedness;
and for general corporate purposes.

Neither the Notes nor the Common Shares issuable upon exchange of the Notes
will be registered under the Securities Act. Neither the Notes nor the Common
Shares issuable upon exchange of the Notes may be offered or sold in the
United States absent registration or an applicable exemption from the
registration requirements of the Securities Act.

This press release shall not constitute an offer to sell or a solicitation of
an offer to buy nor shall there be any sale of these securities in any state
in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any state. It is
issued pursuant to Rule 135c under the Securities Act.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust is a mortgage real estate investment trust
that invests primarily in residential mortgage loans and mortgage-related
assets. PMT trades on the New York Stock Exchange under the symbol “PMT” and
is externally managed by PNMAC Capital Management, LLC, a wholly owned
subsidiary of Private National Mortgage Acceptance Company, LLC.

This press release contains forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended, regarding
management’s beliefs, estimates, projections and assumptions with respect to,
among other things, PMT’s financial results, future operations, business plans
and investment strategies, as well as industry and market conditions, all of
which are subject to change. Words like “believe,” “expect,” “anticipate,”
“promise,” “plan,” and other expressions or words of similar meanings, as well
as future or conditional verbs such as “will,” “would,” “should,” “could,” or
“may” are generally intended to identify forward-looking statements. Actual
results and operations for any future period may vary materially from those
projected herein and from past results discussed herein. Factors which could
cause actual results to differ materially from historical results or those
anticipated include, but are not limited to: changes in general business,
economic, market and employment conditions from those expected; continued
declines in residential real estate and disruption in the U.S. housing market;
the availability of, and level of competition for, attractive risk-adjusted
investment opportunities in residential mortgage loans and mortgage-related
assets that satisfy PMT’s investment objectives and investment strategies;
changes in PMT’s investment or operational objectives and strategies,
including any new lines of business; the concentration of credit risks to
which PMT is exposed; the availability, terms and deployment of short-term and
long-term capital; unanticipated increases in financing and other costs,
including a rise in interest rates; the performance, financial condition and
liquidity of borrowers; increased rates of delinquency or decreased recovery
rates on PMT’s investments; increased prepayments of the mortgage and other
loans underlying PMT’s investments; changes in regulations or the occurrence
of other events that impact the business, operation or prospects of government
sponsored enterprises; changes in government support of homeownership; changes
in governmental regulations, accounting treatment, tax rates and similar
matters; and PMT’s ability to satisfy complex rules in order to qualify as a
REIT for U.S. federal income tax purposes. You should not place undue reliance
on any forward-looking statement and should consider all of the uncertainties
and risks described above, as well as those more fully discussed in reports
and other documents filed by PMT with the Securities and Exchange Commission
from time to time. PMT undertakes no obligation to publicly update or revise
any forward-looking statements or any other information contained herein, and
the statements made in this press release are current as of the date of this
release only.


PennyMac Mortgage Investment Trust
Kevin Chamberlain
(818) 746-2877
Christopher Oltmann
(818) 746-2046
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