Mortgage co. PennyMac Scraps $300M High Yield Bond Issue

PennyMac Financial Services yesterday announced that it decided to postpone its senior notes offering on account of “current market conditions,” according to a company statement. This is a third sidelined deal so far this year, although one,LeasePlan, successfully re-launched to market and got placed.

PennyMac was planning a $300 million five-year (non-call life) senior notes offering via bookrunners J.P. Morgan, Barclays, Bank of America, Credit Suisse, and Goldman Sachs. Marketing wrapped last week, and it had been held over the weekend. Issuance was to be under Rule 144A for life with B+/B2 ratings, and proceeds were to repay approximately $50 million of revolver drawings, and to support general corporate purposes, according to a company filing.

PennyMac Financial Services is a mortgage specialist operating in three segments: loan production, loan services, and investment management. It trades on the NYSE under PFSI and has a market cap of roughly $300 million. Trailing-12-month net revenues of approximately $921 million turned out roughly $339 million of EBT excluding unusual items, according to S&P Global Market Intelligence. — Luke Millar/Matt Fuller

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