PennyMac Financial Services has raised $850 million in debt in an oversubscribed transaction on Thursday. The California-based mortgage lender and servicer initially planned to issue $650 million. 

The new senior notes, guaranteed on an unsecured senior basis, pay 6.875% per annum and mature on May 15, 2032. The proceeds will be used to redeem senior notes due in October 2025, but they will pay a lower interest rate of 5.375%.

“Remaining proceeds will be used for the repayment of borrowings under the company’s secured MSR [mortgage servicing rights] facilities and other secured indebtedness and details ⇒

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