PIMCO Mortgage Income Trust, a newly formed residential mortgage REIT managed by PIMCO, announced terms for its IPO on Monday.
The Newport Beach, CA-based company plans to raise $1.0 billion by offering 50 million shares at a price of $20. Insiders intend to purchase $25 million worth of shares in the offering (2.5% of the deal). At $20, PIMCO Mortgage Income Trust would command a market value of $1.0 billion.
PIMCO Mortgage Income Trust was founded in 2018 and plans to list on the NYSE under the symbol PMTG. Credit Suisse, BofA Merrill Lynch, Goldman Sachs, Morgan Stanley, J.P. Morgan, UBS Investment Bank, Citi, Wells Fargo Securities and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of May 13, 2019.
