By Wendy Van Sickle
Columbus, Ohio, Sept. 18 – PennyMac Mortgage Investment Trust priced $50 million of $25-par 8½% senior notes due Sept. 30, 2028 (Egan-Jones: BBB+) guaranteed by indirect wholly owned subsidiary PennyMac Corp. at par on Monday, according to an FWP filing with the Securities and Exchange Commission.
There is a $7.5 million greenshoe.
The notes are callable in whole or in part at par on or after Sept. 30, 2025.
Piper Sandler & Co., Janney Montgomery Scott LLC and Ladenburg Thalmann & Co. Inc. are the joint bookrunners.
Proceeds will be used to fund business and investment activities, to fund the company’s correspondent lending business, to repay debt, which may include the repurchase or repayment of a portion of the company’s 2024 notes or secured financing and for other general business purposes. As of Sept. 12, the company had $210 million aggregate principal amount of the 2024 notes outstanding.
Interest will be payable each March 30, June 30, Sept. 30 and Dec. 30, beginning on Dec. 30, 2023.
The company intends to apply to list the notes on the New York Stock Exchange under the symbol “PMTU.”
The real estate investment trust is based in Westlake Village, Calif.
| Issuer: | PennyMac Mortgage Investment Trust
|
| Guarantor: | PennyMac Corp.
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| Amount: | $50 million
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| Greenshoe: | $7.5 million
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| Issue: | Senior notes
|
| Maturity: | Sept. 30, 2028
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| Bookrunners: | Piper Sandler & Co., Janney Montgomery Scott LLC and Ladenburg Thalmann & Co. Inc.
|
| Co-managers: | A.G.P. / Alliance Global Partners and William Blair & Co., LLC
|
| Trustee: | Bank of New York Mellon Trust Co., NA
|
| Counsel to issuer: | Sidley Austin LLP, Venable LLP (Maryland law)
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| Counsel to underwriters: | Alston & Bird LLP
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| Coupon: | 8½%
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| Price: | Par of $25.00
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| Yield: | 8½%
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| Call features: | At par starting Sept. 30, 2025
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| Trade date: | Sept. 18
|
| Settlement date: | Sept. 21
|
| Rating: | Egan-Jones: BBB+
|
| Symbol: | NYSE: PMTU
|
| Cusip: | 70931T608
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