Monday, PennyMac Financial Services, Inc. (PFSI) announced its plan to offer $650 million in Senior Notes due 2030 through a private placement to qualified institutional buyers under Rule 144A of the Securities Act of 1933.
The Company intends to extend the offer to certain non-U.S. persons under Regulation S of the Securities Act. The Notes will receive full and unconditional guarantees on an unsecured senior basis from both the Company's current and future wholly-owned domestic subsidiaries, excluding specific subsidiaries.
The company stated that the proceeds from the offering will go towards repaying debts from secured MSR facilities, other secured debts, and general corporate expenses.
PennyMac said the completion of the offering is contingent on market conditions and other relevant factors.
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