PennyMac Financial issues $425M secured term notes (2024-GT1) at SOFR+3.20%

PennyMac Financial Services, Inc.

$425M aggregate principal of secured term notes issued via subsidiary trust; rated BBB by Kroll.
Notes bear interest at 30-day average SOFR plus 3.20% per annum, payable monthly.
Stated maturity March 25, 2029, with optional one-year extensions to 2030 or 2031.
Collateral: participation certificates in Ginnie Mae mortgage servicing rights and excess servicing spread.
Notes rank pari passu with existing secured term notes; proceeds support MSR financing.

Key facts

Extracted from this filing and checked against the source text.

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

PennyMac Financial Services, Inc. entered into Series 2024-GT1 indenture supplement with qualified institutional buyers valued at $425 million (effective 2024-02-29).

Action: entry
Agreement: notes offering
Counterparty: qualified institutional buyers
Value: $425 million
Effective: 2024-02-29

Exact text from the filing

On February 29, 2024, PennyMac Financial Services, Inc. (the “Company”), through its indirect subsidiary, PNMAC GMSR ISSUER TRUST (the “Issuer Trust”), issued an aggregate principal amount of $425 million in secured term notes (the “2024-GT1 Notes”) to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”).

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PennyMac Financial Services, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-24-031921

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