Pennymac Financial Services, Inc. has just announced the pricing of its private offering of $650 million aggregate principal amount of 6.750% senior notes due 2034. The notes will bear interest at 6.750% per annum and will mature on February 15, 2034. Interest on the notes will be payable semi-annually on February 15 and August 15 of each year, starting on February 15, 2026. The notes will be fully and unconditionally guaranteed on an unsecured senior basis by the company's existing and future wholly owned domestic subsidiaries, other than certain excluded subsidiaries. The offering is expected to close on August 12, 2025, subject to customary closing conditions.
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. 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 and to certain non-U.S. persons pursuant to Regulation S under the Securities Act.
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. For the twelve months ended June 30, 2025, the company's production of newly originated loans totaled $134 billion in unpaid principal balance, making it a top lender in the nation. As of June 30, 2025, Pennymac Financial serviced loans totaling $700 billion in unpaid principal balance, making it a top mortgage servicer in the nation. As a result of these announcements, the company's shares have moved -0.25% on the market, and are now trading at a price of $98.57. Check out the company's full 8-K submission here.
