By Cristal Cody
Tupelo, Miss., Aug. 15 – PennyMac Financial Services, Inc. subsidiary PNMAC GMSR Issuer Trust priced $650 million of five-year secured term notes (Kroll: BBB-) at Libor plus 265 basis points in a Rule 144A and Regulation S eligible transaction, according to an 8-K filing with the Securities and Exchange Commission.
The notes will mature Aug. 25, 2023, or if extended under the terms of the term notes indenture supplement, on Aug. 25, 2025.
Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. were the underwriters.
The notes are secured by certain participation certificates relating to Ginnie Mae mortgage servicing rights and excess servicing spread relating to such rights that are financed by indirectly controlled subsidiary, PennyMac Loan Services, LLC.
PennyMac Financial Services on Friday redeemed $500 million of outstanding secured term notes due Aug. 25, 2022 that were issued on Aug. 10, 2017.
PennyMac Financial Services is a Westlake Village, Calif.-based national home mortgage lender and servicer.
| Issuer: | PNMAC GMSR Issuer Trust
|
| Amount: | $650 million
|
| Description: | Secured term notes
|
| Maturity: | Aug. 25, 2023
|
| Bookrunners: | Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc.
|
| Coupon: | Libor plus 265 bps
|
| Settlement date: | Aug. 10
|
| Rating: | Kroll: BBB-
|
| Distribution: | Rule 144A, Regulation S
|
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