PennyMac Financial to sell $500 million eight-year notes on Tuesday

By Paul A. Harris

Portland, Ore., Feb. 8 – PennyMac Financial Services Inc. plans to price a $500 million offering of eight-year senior notes on Tuesday, according to a syndicate source.

The deal was scheduled to kick off on a late Monday morning conference call with investors.

Credit Suisse Securities (USA) LLC is the left lead bookrunner. Barclays, BofA Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the joint bookrunners.

The Rule 144A and Regulation S notes become callable after three years at par plus 50% of the coupon. The notes feature a three-year 40% equity clawback and a 101% poison put.

The Westlake Village, Calif.-based financial services provider plans to use the proceeds for general corporate purposes, which may include the repayment of existing secured warehouse borrowings.

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