PennyMac Financial postpones $300 million five-year notes offering, cites market conditions

By Paul A. Harris

Portland, Ore., May 24 – PennyMac Financial Services, Inc. cited market conditions as it announced the postponement of its planned $300 million offering of five-year senior notes (expected B2/confirmed B+), according to a Tuesday press release from the company.

The deal, which set out on an investor roadshow on May 16, came with early guidance in the low-to-mid 9% yield context, market sources said.

J.P. Morgan Securities LLC was leading the deal.

Proceeds had been earmarked to repay revolver debt and for general corporate purposes.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.