PennyMac Mortgage Investment Trust announced the pricing of an underwritten public offering of $150,000,000 aggregate principal amount of its 9.00% Senior Notes due 2030. These Notes will be fully and unconditionally guaranteed on a senior unsecured basis by PennyMac Corp., an indirect wholly-owned subsidiary of the Company. The offering is expected to close on February 11, 2025, subject to customary closing conditions.
The company has also granted the underwriters a 30-day over-allotment option to purchase up to an additional $22,500,000 aggregate principal amount of the Notes. This offering provides additional capital for PMT's strategic objectives.
The net proceeds from this offering are intended to fund PMT's business and investment activities. These activities may include investments in subordinated bonds from its private-label securitization activities, acquisition of mortgage servicing rights, funding its correspondent lending business, and repayment of other indebtedness. This capital raise supports the company's ongoing efforts to expand its investment portfolio and manage its debt profile.
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