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PennyMac Mortgage Investment Trust (PMT.N), which buys distressed home loans and is run by several former Countrywide Financial Corp executives, on Wednesday raised $320 million from an initial public offering, $80 million less than planned.
The Calabasas, California-based company sold 16 million shares at $20 each.
The company plans to operate as a real estate investment trust.
Bank of America Merrill Lynch, Credit Suisse and Deutsche Bank Securities Inc arranged the IPO.