Key facts
- This page summarizes BRIGADE CAPITAL MANAGEMENT, LP's Form 4 filing for Western Asset Mortgage Capital Corp.
- 1 reported transaction and 1 derivative row are listed below.
- Accepted by SEC: 13 Jul 2023, 15:00.
BRIGADE CAPITAL MANAGEMENT, LP - 11 Jul 2023 Form 4 Insider Report for Western Asset Mortgage Capital Corp
- Reporting relationship
- 10%+ Owner
- Issuer ticker
- N/A
- Reported as of
- 11 Jul 2023
- Net transaction value
- -$8,593,290,000,000
- SEC form
- 4
- Accepted by SEC
- 13 Jul 2023, 15:00:52 UTC
- Prior SEC filing
- 23 May 2022
- Next SEC filing
- 05 Nov 2025
- Source filing
- View source filing
- Reporting owner signature
- Brigade Capital Management, LP, /s/ Donald E. Morgan, III, Managing Member of its General Partner
Source evidence
Original filing metadata and source links for verification.
5 source fields
Reporting owner
1 detail
Key filing fact
BRIGADE CAPITAL MANAGEMENT, LP filed Form 4 for Western Asset Mortgage Capital Corp on 13 Jul 2023.
Change
- Previous filing in this sequence was filed on 23 May 2022.
- Current net transaction value: -$8,593,290,000,000.
Research use
- This tells you what this filing adds before you inspect full transaction and derivative tables.
- You can trace every row back to the original SEC filing document.
Evidence
Filed on Form 4
View source filing
Ownership activity is grounded in SEC Form 4 disclosures.
Reported derivative securities
Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.
WMC
transaction
Derivative
6.75% Convertible Senior Notes due 2024
Sale
- Transaction value
- $8,593,290,000,000
- Shares
- -3,090,000
- Change %
- -11%
- Price
- $2781000.00*
- Shares after
- 25,430,000
- Date
- 11 Jul 2023
- Ownership
- See Footnote
- Underlying class
- Common Stock, $0.01 par value
- Underlying amount
- 104,427
- Exercise price
- $33.80
- Footnotes
- F1, F2, F3, F4
* marks a reported price that did not pass the local price check.
Additional SEC filing notes
Filing notes and footnotes
Explanation of responses 4 footnotes
Footnote F1
The 6.75% Convertible Senior Notes due 2024 (the "Convertible Notes") bear interest at a rate of 6.75% per annum, with interest payable semiannually. The principal of the Convertible Notes is convertible into shares of the Issuer's Common Stock, $0.01 par value at a conversion rate of approximately 33.7952 shares per $1,000 principal amount of Convertible Notes in accordance with the terms of the Convertible Notes.
Footnote F2
The Convertible Notes are exercisable at any time prior to the close of business on the business day immediately preceding June 15, 2024 only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on December 31, 2021 (and only during such calendar quarter), if the last reported sale price of Common Stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 110% of the conversion price on each applicable trading day; (see Footnote (3) continued below)
Footnote F3
(ii) during the five business day period after any five consecutive trading day period (the "measurement period") in which the trading price per $1,000 principal amount of Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Common Stock and the conversion rate on each such trading day; or (iii) upon the occurrence of specified corporate events. On or after June 15, 2024 until the close of business on the second business day immediately preceding the maturity date, holders may convert their Convertible Notes at any time, regardless of the foregoing circumstances.
Footnote F4
The reported securities are directly owned by an advisory client of Brigade Capital Management, LP. The reported securities may be deemed beneficially owned by Brigade Capital Management, LP, the investment manager of such advisory client, Brigade Capital Management GP, LLC, the general partner of Brigade Capital Management, LP, and Donald E. Morgan, III, the managing member of Brigade Capital Management GP, LLC, each a Reporting Person. Brigade Capital Management, LP, Brigade Capital Management GP, LLC and Mr. Morgan each disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein, and this report shall not be deemed to be an admission that each Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.