Western Asset Mortgage Capital Corporation Announces Launch of Initial Public ...
18.05.12
/PRNewswire/ -- Western Asset Mortgage Capital Corporation today announced that it plans to conduct an initial public offering of 8,000,000 shares of its common stock. The underwriters of the offering will have a 30-day option to purchase an additional 1,200,000 shares of common stock from the Company at the initial public offering price to cover over-allotments, if any. The Company has applied to list its common stock on the New York Stock Exchange under the symbol "WMC."
The Company intends to use the net proceeds of the offering to purchase Agency RMBS (residential mortgage-backed securities for which the principal and interest payments are guaranteed by a U.S. Government agency or sponsored entity) and its potential target assets (as described below), focusing predominantly on Agency RMBS.
Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Jefferies & Company, Inc. are acting as the joint book runners for the proposed offering. Stifel, Nicolaus & Company, Incorporated, RBC Capital Markets, LLC and JMP Securities LLC are acting as co-lead managers and National Securities Corporation, Sterne, Agee & Leach, Inc. and Wunderlich Securities, Inc. are acting as co-managers.
Source: PR Newswire (press release)
BMO Reopens New Chinook Branch in South Calgary-Serving Customers Seven Days a ...
18.05.12
"We are excited to be opening our doors to our new location across from
Chinook Centre," said Teri Savoie-Pollard, Branch Manager, BMO Bank
of Montreal. "With the spring home buying season underway, we
encourage new and existing members of the community to come in and
speak with our team about their home financing needs. BMO offers a
new 10-year mortgage with a maximum 25-year amortization, which is
modeled after our award-winning 5-year maximum 25-year amortization
mortgage."
Ms. Savoie-Pollard added that choosing a shorter amortization allows
Canadians to build equity sooner and save on interest costs. For
example, on a $400,000 mortgage at a 5 per cent interest rate, moving
from a 30-year to a 25-year amortization can save upwards of $70,000
in interest over the life of the mortgage.
"Alberta's economy should remain near atop the growth leaderboard
this year, with growth running more than a full percentage point
above the national average at 3.4 per cent. Average housing prices
are still relatively stable (increase of 2.6 per cent year over year
in March), but sales are moving higher (increase of 12.8 per cent
year over year), and could soon spur renewed upward pressure on
prices," said Robert Kavcic, Economist, BMO Capital Markets.
Source: MarketWatch (press release)