PennyMac Financial Services, Inc. and its subsidiaries announced that it intends to offer $650 million aggregate principal amount of Senior Notes due 2032. The Notes will be fully and unconditionally guaranteed on an unsecured senior basis by the Company?s existing and future wholly owned domestic subsidiaries, other than certain excluded subsidiaries. Proceeds from the offering, together with cash on hand, will be used for the redemption of the Company?s 5.375% senior notes due October 2025 and any remaining proceeds will be used for other general corporate purposes.
The offering is subject to market conditions and other factors. The offering will be made solely by means of a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and to certain non-U.S. persons pursuant to Regulation S under the Securities Act. The Notes have not been and are not expected to be registered under the Securities Act or under any state securities laws and, unless so registered, may not be offered or sold in the United States or to U.S. persons absent an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.
