PennyMac starts roadshow for $300 million five-year bullet notes; pricing expected this week

By Paul A. Harris

Portland, Ore., May 16 – PennyMac Financial Services, Inc. began a roadshow on Monday for a $300 million offering of non-callable five-year senior notes (expected ratings B2/B+), according to a market source.

The Rule 144A for life and Regulation S offering is expected to price Thursday.

J.P. Morgan Securities LLC, Barclays, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. are the joint bookrunners.

Proceeds will be used to repay revolver debt and for general corporate purposes.

The co-issuing entities will be Private National Mortgage Acceptance Co., LLC and PNMAC Finance Corp., indirect controlled subsidiaries of PennyMac, a Moorpark, Calif.-based mortgage services company.

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