PennyMac sets $100M senior notes offering, eyes June 10 close

WESTLAKE VILLAGE, Calif. - PennyMac Mortgage Investment Trust (NYSE:PMT) has announced the pricing of a $100 million public offering of 9.00% Senior Notes due 2030. The offering, expected to close on June 10, 2025, includes an over-allotment option for underwriters to purchase up to an additional $15 million in notes. PennyMac Corp., a subsidiary of the company, will guarantee the notes. The parent company, PennyMac Financial Services (NYSE:PFSI), currently valued at $4.93 billion, has shown robust revenue growth of 66% over the last twelve months.

The proceeds from the sale are earmarked for various business and investment activities. These include funding for PennyMac’s private-label securitization activities, acquiring mortgage servicing rights, correspondent lending, and potentially repaying existing debts such as PMC’s 5.50% exchangeable senior notes due 2026.

Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, and other financial institutions are managing the book-running for the offering. PennyMac intends to list the notes on the New York Stock Exchange under the symbol "PMTW," with trading anticipated to start within 30 days post-offering closure.

This offering is part of a shelf registration statement and is made available through a prospectus, which interested parties can obtain from the underwriters or the SEC’s website.

PennyMac Mortgage Investment Trust is a REIT focusing on residential mortgage loans and related assets. It is managed by PNMAC Capital Management, LLC, a subsidiary of PennyMac Financial Services, Inc. (NYSE:PFSI). According to InvestingPro analysis, PFSI trades at an attractive P/E ratio of 14.07 and is currently trading near its Fair Value, with analysts maintaining a strong buy consensus.

The press release includes forward-looking statements regarding the company’s financial outcomes, operations, and investment strategies, which are subject to change based on various market and economic conditions. InvestingPro subscribers can access 10+ additional investment tips and a comprehensive Pro Research Report for PFSI, offering deep-dive analysis and actionable insights for smarter investment decisions.

This news article is based on a press release statement and does not constitute an offer to sell or a solicitation of an offer to buy PennyMac’s securities.

In other recent news, PennyMac Financial Services Inc. reported disappointing first-quarter 2025 earnings, missing analyst expectations with earnings per share at $1.42, significantly lower than the forecasted $2.78. Revenue also fell short, coming in at $430.9 million against an estimated $522.21 million. Meanwhile, PennyMac Mortgage Investment Trust announced plans to launch a public offering of senior notes due in 2030, intending to use the proceeds for various investment activities, including mortgage-related securities and acquiring mortgage servicing rights. Additionally, PennyMac Financial Services plans to offer $650 million in senior notes due 2032, with proceeds aimed at redeeming existing notes and general corporate purposes. Analysts at Keefe, Bruyette & Woods maintained an ’Outperform’ rating for PennyMac Financial Services, highlighting its strong position in the mortgage industry despite current market challenges. The firm also noted that companies with substantial servicing portfolios, like PennyMac, are well-positioned in the current environment. These developments reflect PennyMac’s strategic financial maneuvers amidst a complex economic landscape.

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