8-K
filed March 3, 2023, 6:59 PM ET
ticker PFSI
CIK 0001745916
other material
confidence high
sentiment neutral
materiality 0.75
PennyMac Financial Services, Inc. (PFSI): debt financing — PennyMac enters $680M Ginnie Mae MSR financing; President Doug Jones elected to board
PennyMac Financial Services, Inc.
- Series 2023-GTL1 Loan provides $680M initial balance to finance Ginnie Mae mortgage servicing rights; 5-year term expiring Feb 28, 2028 with optional one-year extension.
- Loan requires monthly interest payments at SOFR plus spread; includes customary covenants and early amortization events.
- Doug Jones, President and Chief Mortgage Banking Officer, elected to Board of Directors effective March 1, 2023.
- Second Amended and Restated Stockholder Agreement with HC Partners LLC increases maximum number of directors.
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 term loan of $680 million with Credit Suisse First Boston Mortgage Capital LLC at a spread above the Secured Overnight Financing Rate maturing February 28, 2028.
- Instrument
- term loan
- Principal
- $680 million
- Counterparty
- Credit Suisse First Boston Mortgage Capital LLC
- Rate
- a spread above the Secured Overnight Financing Rate
- Maturity
- February 28, 2028
- Event
- incurrence
Exact text from the filing
Bank USA, as administrative agent and buyer, and PNMAC, as a guarantor (the “GS Servicing Spread Agreement”). The initial note balance of the Series 2023-GTL1 Loan is $680 million. During the term of the loan, PLS is required to repay the syndicated lenders monthly for accrued interest (at a rate reflective of the current market based on a spread above the
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Doug Jones was elected as Director at PennyMac Financial Services, Inc..
- Action
- elected
- Role
- Director
Exact text from the filing
On March 1, 2023, the Board of Directors (the “Board”) of the Company elected Doug Jones, the Company’s President and Chief Mortgage Banking Officer, as a director.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
PennyMac Financial Services, Inc. amended Second Amended and Restated Stockholder Agreement with HC Partners LLC (effective 2023-03-01).
- Action
- amendment
- Counterparty
- HC Partners LLC
- Effective
- 2023-03-01
Exact text from the filing
On March 1, 2023, the Company and HC Partners LLC entered into the Second Amended and Restated Stockholder Agreement to increase the maximum number of directors under the agreement.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
PennyMac Financial Services, Inc. entered into Series 2023-GTL1 Loan Agreement with Credit Suisse First Boston Mortgage Capital LLC, as administrative agent, and the syndicated lenders party thereto valued at $680 million (effective 2023-02-28).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Credit Suisse First Boston Mortgage Capital LLC, as administrative agent, and the syndicated lenders party thereto
- Value
- $680 million
- Effective
- 2023-02-28
Exact text from the filing
The Company entered into a Series 2023-GTL1 Indenture Supplement and Loan Agreement by and among Issuer Trust, as issuer, PLS, as administrator and servicer, Credit Suisse First Boston Mortgage Capital LLC, as administrative agent (“CS”), and the syndicated lenders party thereto (the “Series 2023-GTL1 Loan Agreement”), related to the servicing spread.
View on SEC.gov
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