PennyMac Mortgage Investment Trust Closes Offering of 9.00% Senior Notes due 2030

PennyMac Mortgage Investment Trust, a leading real estate investment trust based in California, announced the successful closing of an underwritten public offering and sale of $172,500,000 aggregate principal amount of its 9.00% Senior Notes due 2030. The offering, completed on February 11, 2025, also included $22,500,000 aggregate principal amount of Notes issued pursuant to the exercise in full of the over-allotment option granted to the underwriters.

The 9.00% Senior Notes due 2030 are fully and unconditionally guaranteed by PennyMac Corp. and are governed by an indenture dated as of September 21, 2023, supplemented by a second supplemental indenture dated February 11, 2025. Interest on the Notes will be paid quarterly in arrears starting from May 15, 2025, at a rate of 9.00% per annum. The Notes are set to mature on February 15, 2030, unless earlier redeemed or repurchased.

Upon certain events such as a Change of Control Repurchase Event, the Company will be obligated to repurchase all outstanding Notes at a designated price. The Notes rank equally in right of payment with the Company’s unsecured and unsubordinated indebtedness, while they are effectively subordinated to secured indebtedness and structurally subordinated to all other liabilities.

The new Notes have been approved for listing on the New York Stock Exchange under the symbol “PMTV,” with trading expected to begin within the following 30 days. The offering was conducted under an effective shelf registration statement filed with the Securities and Exchange Commission. Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, RBC Capital Markets, LLC, UBS Securities LLC, Wells Fargo Securities, LLC, Keefe, Bruyette & Woods, Inc., and Piper Sandler & Co. acted as the underwriters for the Notes offering.

Furthermore, on February 4, 2025, PennyMac Mortgage Investment Trust and the Guarantor entered into an underwriting agreement with the aforementioned underwriters in connection with the offering, ensuring a smooth completion of the transaction.

The detailed descriptions provided in this report are summaries of the agreements and indentures involved and are superseded by the full terms outlined in the Base Indenture, Second Supplemental Indenture, and related documentation included as exhibits to the Form 8-K filing with the Securities and Exchange Commission.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read PennyMac Mortgage Investment Trust’s 8K filing here.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust, through its subsidiary, primarily invests in mortgage-related assets in the United States. The company operates through: Credit Sensitive Strategies, Interest Rate Sensitive Strategies, Correspondent Production segments. Its Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, subordinate mortgage-backed securities (MBS), distressed loans, and real estate.