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Pennymac raises $750M in unsecured debt

California-based Pennymac Financial Services raised $750 million in unsecured debt with qualified institutional investors, 15% more than it initially expected, the company announced Thursday.  

Pennymac will use the proceeds of the offering to repay $650 million in debt due in October 2025. The remainder will be used for “other general corporate purposes,” the company said in an 8k filing with the Securities and Exchange Commission (SEC). 

The new debt, with maturity in December 2029, will bear a higher interest rate at 7.875% annually. The debt being replaced has maturity in 2025 and a 5.357% interest rate. 

According to the company, details ⇒

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