PennyMac Financial Services, Inc. (NYSE: PFSI) and its subsidiaries (the “Company”) today announced the pricing of its previously announced offering of $850 million aggregate principal amount of 6.875% Senior Notes due 2033 (the “Notes”). The offering size was increased from the previously announced offering size of $650 million aggregate principal amount of Notes. The Notes will bear interest at 6.875% per annum and will mature on February 15, 2033. Interest on the Notes will be payable semi-annually on February 15 and August 15 of each year, beginning on August 15, 2025. 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. Proceeds from the offering will be used for the repayment of certain of our indebtedness, which may include the repayment of borrowings under our secured MSR facilities and other secured indebtedness, for the repurchase or repayment of a portion of our 5.375% senior notes due October 2025, and for other general corporate purposes. The offering is expected to close on February 6, 2025, subject to customary closing conditions.
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 (the “Securities Act”), and to certain non-U.S. persons pursuant to Regulation S under the Securities Act. The Notes have not been and are not expected to be registered under the Securities Act or under any state securities laws and, unless so registered, may not be offered or sold in the United States or to U.S. persons absent an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.
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.
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