Western Asset Mortgage raises $218.5M in IPO

Western Asset Mortgage Defined Opportunity Fund Inc., a closed-end fund that invests in mortgage-backed securities, said Wednesday it raised $218.5 million in an initial public offering.

The fund, part of Legg Mason Inc., began trading on the New York Stock Exchange under the ticker “DMO.”

In a closed-end fund, managers typically sell a limited number of shares in an initial public offering. They don’t usually issue additional shares for new investors, forcing clients to buy from existing shareholders who wish to sell.

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Western Asset’s stock rose 4 cents from its offering price of $20 per share to close trading at $20.04. Legg Mason shares rose 15 cents to close at $25.72. [Read the full article]

Increased net premiums earned by 22.9% in the full year with a decline of 15.2% in the fourth quarter as unemployment and competitive pressures continuedContinued positive net rate trend in California in the fourth quarter with little change in policy countFiled to increase rates in California an additional 3% effective March 15, 2010Increased fourth quarter pre-tax income 8.4% over the prior year’s quarterCompleted integration of AmCOMP with claims and underwriting systems combined in January, 2010Continued to consolidate operations where cost-effectiveReleased prior accident year reserves of $11.8 million in the fourth quarter and $51.4 million in the full year Maintained fair market value of $2.0 billion portfolio with a tax equivalent yield of 5.6% and a pre-tax yield of 4.5% Increased book value per share 18.6% to $20.67 since December 31, 2008

Employers Holdings, Inc. [Read the full article]

Companhia de Saneamento Basico do Estado de Sao Paulo – Sabesp (NYSE: SBS; BM&FBovespa: SBSP3), pursuant to the provisions of Instruction 358, of January 3, 2002, of the Brazilian Securities and Exchange Commission, as amended, hereby informs its shareholders and the market in general that it was filed at the Brazilian Association of Financial and Capital Market Entities (ANBIMA) on February 22, 2010, as set forth by CVM Instruction 471, of August 8, 2008, the request for prior analysis of the registration of the public offering of the 11th Issue of Debentures (the “11th Issue”), in the amount of nine hundred million reais (R$900,000,000.00), in two series, the first series in the amount of six hundred million reais (R$600,000,000.00) with a maturity term of five years and the second series in the amount of three hundred million reais (R$300,000,000.00) with a maturity term of three years. [Read the full article]

Sterling Bancshares, Inc. (Nasdaq:SBIB – News) announced today that it has priced a public offering of 17.4 million shares of common stock to the public at $4.60 per share for total gross proceeds of approximately $80.0 million. Sterling expects to close the sale of the shares of common stock on March 2, 2010, subject to customary closing conditions. The underwriters will have a 30-day option to purchase up to an additional 2.6 million shares of common stock from Sterling at the offering price, less underwriters’ discounts and commissions. Morgan Stanley & Co. Incorporated is serving as sole book-running manager for the equity offering. Sandler O’Neill + Partners, L.P. is acting as co-manager for the equity offering.

Sterling has filed a registration statement (including prospectus) with the Securities and Exchange Commission for the equity offering to which this communication relates. [Read the full article]

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