PennyMac Financial Services, Inc. (PFSI): debt financing — PennyMac enters two $300M GS repurchase agreements for Ginnie Mae MSR and servicing advance financing

PennyMac Financial Services, Inc.

New GS Servicing Spread Agreement and GS SAR Agreement each have $300M maximum purchase price, expiring May 31, 2024.
Aggregate outstanding with GS capped at $400M across repurchase agreements and credit facilities.
PLS must maintain $50M minimum outstanding under GS Servicing Spread Agreement; cross-collateralization with other facilities.
Amendments to existing agreements require pro rata draws on the Syndicated GMSR SAR Agreement and GS SAR Agreement.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

PennyMac Financial Services, Inc. incurred credit facility of $300 million with Goldman Sachs Bank USA at a rate reflective of the current market based on a spread above the Secured Over maturing May 31, 2024.

Instrument: credit facility
Principal: $300 million
Counterparty: Goldman Sachs Bank USA
Rate: a rate reflective of the current market based on a spread above the Secured Over
Maturity: May 31, 2024
Event: incurrence

Exact text from the filing

epurchase Agreement by and among PLS, as seller, Goldman Sachs Bank USA, as administrative agent and as a buyer (“GS”), and PNMAC, as a guarantor (the “GS Servicing Spread Agreement”), related to the excess servicing spread, and (ii) a

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PennyMac Financial Services, Inc. amended Amendment No. 3 to the Third Amended and Restated Base Indenture with Issuer Trust, Citibank, PLS, CSFB, GS (effective 2023-02-07).

Action: amendment
Agreement: notes offering
Counterparty: Issuer Trust, Citibank, PLS, CSFB, GS
Effective: 2023-02-07

Exact text from the filing

(ii) Amendment No. 3, dated February 7, 2023, to the Third Amended and Restated Base Indenture, dated as of April 1, 2020, by and among Issuer Trust, Citibank, as Indenture Trustee, PLS, CSFB, as an administrative agent, and consented and agreed to by GS (“Amendment No. 3”)

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PennyMac Financial Services, Inc. amended Omnibus Amendment No. 2 to the 2016-MSRVF1 Amended and Restated Repurchase Agreement and Amendment No. 3 to the Series 2020-SPIADVF1 Repurchase Agreement with CSFB, CSCIB, Citibank, PLS (effective 2023-02-07).

Action: amendment
Counterparty: CSFB, CSCIB, Citibank, PLS
Effective: 2023-02-07

Exact text from the filing

The Company also entered into (i) an Omnibus Amendment No. 2 to the 2016-MSRVF1 Amended and Restated Repurchase Agreement and Amendment No. 3 to the Series 2020-SPIADVF1 Repurchase Agreement, dated as of February 7, 2023, by and among CSFB, CSCIB, Citibank, and PLS and acknowledged by PNMAC, as guarantor (“Omnibus Amendment”)

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PennyMac Financial Services, Inc. entered into GS Servicing Spread Agreement with Goldman Sachs Bank USA valued at $300 million (effective 2023-02-07).

Action: entry
Counterparty: Goldman Sachs Bank USA
Value: $300 million
Effective: 2023-02-07

Exact text from the filing

On February 7, 2023, PennyMac Financial Services, Inc. (the “Company”), through two of its indirect, wholly owned subsidiaries, PNMAC GMSR ISSUER TRUST (“Issuer Trust”) and PennyMac Loan Services, LLC (“PLS”), and its direct wholly owned subsidiary, Private National Mortgage Acceptance Company, LLC (“PNMAC”), entered into two new variable funding note (“VFN”) repurchase agreements

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PennyMac Financial Services, Inc. entered into GS SAR Agreement with Goldman Sachs Bank USA valued at $300 million (effective 2023-02-07).

Action: entry
Counterparty: Goldman Sachs Bank USA
Value: $300 million
Effective: 2023-02-07

Exact text from the filing

On February 7, 2023, PennyMac Financial Services, Inc. (the “Company”), through two of its indirect, wholly owned subsidiaries, PNMAC GMSR ISSUER TRUST (“Issuer Trust”) and PennyMac Loan Services, LLC (“PLS”), and its direct wholly owned subsidiary, Private National Mortgage Acceptance Company, LLC (“PNMAC”), entered into two new variable funding note (“VFN”) repurchase agreements

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PennyMac Financial Services, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-019713

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