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PennyMac says consent solicitations for 2025, 2029 notes successful
By Wendy Van Sickle
Columbus, Ohio, Oct. 8 – PennyMac Financial Services, Inc. said it has received the needed consents under 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 Friday.
The solicitations expired at 5 p.m. ET on Oct. 7, after the expiry was pushed out from 5 p.m. ET on Oct. 5.
The consent fee offered in relation to the 2029 notes was previously increased to $10 per $1,000 principal amount from $2.50 per $1,000 principal amount.
The company will pay a consent fee of $2.50 per $1,000 principal amount to holders of 2025 notes who submitted consents. Payment is expected to be made on Oct. 12.
The company said that after receiving the necessary majority of consents from holders of each series, it executed supplemental indentures to each of the note indentures to effect the proposed amendments.
As announced on Sept. 27, the company was 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.
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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