Brief: Terra Property Trust, Western Asset Mortgage Capital Corp Announce Merger
28/06/2023 11:15
June 28 (Reuters) - Western Asset Mortgage Capital Corp
WMC.N :
* TERRA PROPERTY TRUST AND WESTERN ASSET MORTGAGE CAPITAL
CORPORATION ANNOUNCE MERGER TO FORM CREDIT-ORIENTED REAL ESTATE
INVESTMENT TRUST
* UPON COMPLETION OF MERGER, TPT'S CEO, VIK UPPAL, WILL
SERVE AS
CEO AND CHAIRMAN OF COMBINED COMPANY
* WMC WILL ISSUE TO TPT STOCKHOLDERS NEWLY DESIGNATED SHARES
OF
WMC CLASS B COMMON STOCK AS MERGER CONSIDERATION
* REIT EXPECTED TO HAVE ABOUT $1.2 BILLION IN ASSETS AND
$436
MILLION OF ADJUSTED BOOK VALUE UPON DEAL CLOSE
* WESTERN ASSET MORTGAGE CAPITAL- CLASS B SHARES BY CO TO
BE
RECEIVED BY TPT WILL BE BASED ON AN EXCHANGE RATIO TO BE
DETERMINED
* TPT STOCKHOLDERS ARE EXPECTED TO OWN APPROXIMATELY 76% OF
COMBINED COMPANY'S OUTSTANDING COMMON STOCK
* WMC STOCKHOLDERS ARE EXPECTED TO OWN APPROXIMATELY 24%.
Source text for Eikon: ID:nBw12jLd1a
Further company coverage: WMC.N
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