PennyMac Announces $650M Senior Notes Offering

Pennymac Financial Services, Inc. (NYSE: PFSI) has announced a proposed private offering of $650 million aggregate principal amount of senior notes due 2030. The proceeds from the offering will be used to repay borrowings under the company's secured MSR facilities, other secured indebtedness, and for other general corporate purposes.

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, positioning it as a top five mortgage servicer in the nation.

This proposed private offering comes as the company continues to solidify its position in the U.S. residential mortgage industry. As a result of these announcements, the company's shares have moved 1.2% on the market, and are now trading at a price of $94.47. If you want to know more, read the company's complete 8-K report here.

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