PennyMac Mortgage Investment Trust announced that it has priced an underwritten public offering of $100,000,000 aggregate principal amount of its 9.00% Senior Notes due 2030 (the “Notes”). The Notes will be fully and unconditionally guaranteed on a senior unsecured basis by PennyMac Corp. (“PMC”), an indirect wholly-owned subsidiary of the Company. The Notes will be issued in minimum denominations and integral multiples of $25.00. The Company has granted to the underwriters a 30-day over-allotment option to purchase up to an additional $15,000,000 aggregate principal amount of the Notes at the public offering price, less the underwriting discount. The offering is expected to close on June 10, 2025, subject to customary closing conditions.
The Company intends to use the net proceeds from the offering to fund its business and investment activities, which may include: the investment in subordinated bonds from its private-label securitization activities and other mortgage-related securities; the acquisition of mortgage servicing rights; funding the Company’s correspondent lending business, including the purchase of Agency-eligible residential mortgage loans; repayment of other indebtedness, which may include the repurchase or repayment of a portion of PMC’s 5.50% exchangeable senior notes due 2026 or secured financing; and for other general business purposes.
Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, RBC Capital Markets, LLC, UBS Investment Bank, Wells Fargo Securities, LLC, Keefe, Bruyette & Woods, Inc. and Piper Sandler & Co. are serving as joint book-running managers for the offering.
The Company intends to apply to list the Notes on the New York Stock Exchange under the symbol “PMTW” and, if the application is approved, trading is expected to commence within 30 days of the closing of the offering.
The offering is being made pursuant to an effective shelf registration statement and prospectus and related prospectus supplement, a copy of which, when available, may be obtained free of charge at the SEC’s website at www.sec.gov or from the underwriters by contacting: Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attn.: Prospectus Department, Toll-Free: 1-800-584-6837, or by email at prospectus@morganstanley.com; Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 1-212-902-9316 or by emailing Prospectus-ny@ny.email.gs.com; RBC Capital Markets, LLC, Brookfield Place, 200 Vesey Street, 8th Floor, New York, NY 10281, toll-free: 1-866-375-6829 or email: rbcnyfixedincomeprospectus@rbccm.com; UBS Investment Bank, 1285 Avenue of the Americas, New York, NY 10019, Attention: Prospectus Department, Telephone number: 1-833-481-0269; Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn: WFS Customer Service, Email: wfscustomerservice@wellsfargo.com, Toll-Free: 1-800-645-3751; Keefe, Bruyette & Woods, Inc., 787 Seventh Ave., 4th Floor, New York, NY 10019; and Piper Sandler & Co., 1251 Avenue of the Americas, 6th Floor, New York, NY 10020, or by email at fsg-dcm@psc.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the Company’s securities, nor shall there be any sale of the Company’s securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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