Just three months after raising $850 million, PennyMac Financial Services has returned to the market with another debt issuance, this time offering $650 million to investors. Competitor United Wholesale Mortgage (UWM) also indicated that it plans to issue debt soon in order to refinance existing notes.

On Thursday, Pennymac announced its intention to offer notes due in 2034 to qualified investors. The debt will be unconditionally guaranteed on an unsecured senior basis, as investor appetite for mortgage firm paper remains strong.

Proceeds will be used to “repay borrowings under the Company’s secured MSR facilities, other secured indebtedness, and for other general details ⇒

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