PennyMac Financial Services, Inc. Announces Pricing of $650 Million Senior Notes Offering
PennyMac Financial Services, Inc. Announces Pricing of $650 Million Senior Notes Offering
WESTLAKE VILLAGE, Calif., May 20, 2024– PennyMac Financial Services, Inc. (NYSE: PFSI) and its subsidiaries have announced the pricing of its offering of $650 million aggregate principal amount of 7.125% Senior Notes due 2030. The Notes will bear interest at 7.125% per annum and will mature on November 15, 2030. This offering is expected to close on May 23, 2024, subject to customary closing conditions.
The proceeds from the offering will be used to repay borrowings under secured MSR facilities, other secured indebtedness, and for other general corporate purposes. The Notes will be fully and unconditionally guaranteed on an unsecured senior basis by the Company’s existing and future wholly owned domestic subsidiaries, excluding certain subsidiaries.
PennyMac Financial Services, Inc. is a specialty financial services firm focused on the production and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market. The company, founded in 2008, is a leader in the U.S. residential mortgage industry and employs over 3,800 people across the country.
For the twelve months ended March 31, 2024, PennyMac Financial’s production of newly originated loans totaled $98 billion in unpaid principal balance, making it the second largest mortgage lender in the nation. As of March 31, 2024, PennyMac Financial serviced loans totaling $617 billion in unpaid principal balance, making it a top five mortgage servicer in the nation.
The offering was made solely by means of a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and to certain non-U.S. persons pursuant to Regulation S under the Securities Act.
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Media Contact:
Lauren Padilla
[email protected]
805.225.8224
Investor Contact:
Kevin Chamberlain
Isaac Garden
[email protected]
818.224.7028
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any security in any jurisdiction in which such offering, solicitation or sale would be unlawful.
