PennyMac, loanDepot tap debt markets with senior notes
By: Flávia Furlan Nunes | Published: 2025-06-03 15:26:00 | Source: www.housingwire.com
PennyMac will issue unsecured senior notes due in 2030, following an $850 million offering by PennyMac Financial Services in an oversubscribed transaction earlier in May.
The company plans to use the proceeds to invest in subordinated bonds from its private-label securitization (PLS) activities, acquire mortgage servicing rights (MSRs), and fund its correspondent lending business by purchasing agency-eligible mortgages.
It will also repurchase or repay a portion of its 5.50% exchangeable senior notes due in 2026. The new notes, guaranteed by subsidiary PennyMac Corp., will be listed on the New York Stock Exchange.
Seven institutions are coordinating the offering: Morgan Stanley, Goldman Sachs, RBC Capital Markets, UBS Investment Bank, Wells Fargo Securities, Keefe,…
