April 30, 2012 / 11:20 AM / in 6 years

UPDATE 1-Western Asset Mortgage sees IPO priced at $20/shr

* To list shares on NYSE under symbol “WMC”

* Deutsche Bank, JPMorgan, Citigroup among the underwriters

* Co sees IPO of 8 mln shares

April 30 (Reuters) - Western Asset Mortgage Capital Corp said it expects to sell 8 million shares in an initial public offering at $20 each.

The REIT intends to use the proceeds of about $160 million for investing in, financing and managing residential mortgage-backed securities (RMBS).

The Pasadena, California-based company had filed with the U.S. Securities and Exchange Commission in June 2009 to raise up to $500 million in an IPO.

The REIT is managed by Western Asset Management Co, a subsidiary of Legg Mason Inc.

It has applied to list its shares on the New York Stock Exchange under the symbol “WMC.”

Deutsche Bank Securities, J.P. Morgan Securities, Citigroup Global and Jefferies & Co are among the underwriters to the offering.

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