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PennyMac pushes out solicitations, ups consent fee for 2029 notes
By Wendy Van Sickle
Columbus, Ohio, Oct. 4 – PennyMac Financial Services, Inc. is extending its solicitations of consents from holders of its 5 3/8% senior notes due 2025 and its 4¼% senior notes due 2029, according to a news release.
The solicitations are now set to expire at 5 p.m. ET on Oct. 7, pushed out from 5 p.m. ET on Oct. 5.
Additionally, the consent fee being offered in relation to the 2029 notes is being increased to $10 per $1,000 principal amount from $2.50 per $1,000 principal amount.
As announced on Sept. 27, the company is proposing amendments that would conform the restricted payments covenant and the “permitted investments” definition to match those contained in the indenture governing the company’s 5¾% senior notes due 2031, which were issued on Sept. 16.
The company said this will closely align the restricted payments covenant across its indentures to recent note issuances by industry peers and current market standards and will align the dollar-denominated baskets in the “permitted investments” definition across the company’s indentures, but this will result in no additional restricted payments capacity and less than $1 million of additional permitted investments capacity, in each case, as of the last testing date of June 30.
The company is continuing to offer a consent fee of $2.50 per $1,000 principal amount to holders of 2025 notes who submit their consents, provided that all conditions have been satisfied or waived. Consummation of each consent solicitation is conditioned upon receipt of the required consents, which amounts to a majority of the principal amount of each series.
Payment is to be made within three business days of the expiry.
The record date is 5 p.m. ET on Sept. 24.
Credit Suisse Securities (USA) LLC (212 325-2476 or 800 820-1653) is the solicitation agent.
D.F. King & Co., Inc. (866 745-0269, 212 269-5550 or PFSI@dfking.com) is the information agent.
PennyMac is a Westlake Village, Calif.-based REIT.
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