Brief: Terra Property Trust, Western Asset Mortgage Capital Announce Merger To Form Credit-Oriented REIT
28/06/2023 11:17
June 28 (Reuters) - Terra Property Trust Inc TPTA.N :
* TERRA PROPERTY TRUST AND WESTERN ASSET MORTGAGE CAPITAL
CORPORATION ANNOUNCE MERGER TO FORM CREDIT-ORIENTED REAL ESTATE
INVESTMENT TRUST
* WESTERN ASSET MORTGAGE CAPITAL CORP-TPT, WMC AGREED TO
COMBINE
TO FORM REIT EXPECTED TO HAVE ABOUT $1.2 BILLION IN ASSETS, $436
MILLION OF ADJUSTED BOOK VALUE
* WESTERN ASSET MORTGAGE CAPITAL CORP-UNDER TERMS OF DEAL,
WMC
WILL ISSUE TO TPT STOCKHOLDERS NEWLY DESIGNATED SHARES OF WMC
CLASS B COMMON STOCK
* WESTERN ASSET MORTGAGE CAPITAL CORP- TPT'S CEO, VIK UPPAL,
WILL
SERVE AS CEO, CHAIRMAN OF COMBINED CO, TO BE HEADQUARTERED IN
NEW YORK
* WESTERN ASSET MORTGAGE CAPITAL CORP-BOARD OF COMBINED
COMPANY
WILL CONSIST OF SIX TPT-DESIGNATED DIRECTORS AND TWO
WMC-DESIGNATED DIRECTORS
Source text for Eikon: ID:nPn7Gjl1pa
Further company coverage: TPTA.N
((reuters.briefs@thomsonreuters.com;))
Recent news on Western Asset Mortgage Capital
See all newsBrief: Western Asset Mortgage Capital Corporation Expects To Adjourn Special Meeting Of Stockholders Until December 5, 2023
Brief: Leading Independent Proxy Advisory Firm Iss Recommends Western Asset Mortgage Capital Corporation Stockholders Vote 'For' The Proposed Merger With AG Mortgage Investment Trust
Brief: AG Mortgage Investment Trust And Western Asset Mortgage Capital Corporation Announce Final Exchange Ratio For Proposed Merger
Brief: Terra Property Trust Issues Statement Regarding Terminated Transaction With WMC
Brief: AG Mortgage Investment Trust And Western Asset Mortgage Capital Announce Definitive Merger Agreement