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PennyMac Financial Services indirect subsidiary to offer notes

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PennyMac Financial Services indirect subsidiary to offer notes

PennyMac Financial Services Inc. has announced a proposed private offering of term notes by its indirect controlled subsidiary, PNMAC GMSR ISSUER TRUST, subject to market conditions and other factors.

The notes are collateralized by Ginnie Mae mortgage servicing rights and excess servicing spread evidenced by participation certificates, which are sold to the trust by PennyMac Financial unit PennyMac Loan Services LLC under a master repurchase agreement.

PennyMac Loan Services' obligation to the trust under the agreement will be guaranteed by PennyMac Financial unit Private National Mortgage Acceptance Co. LLC.

PennyMac Financial expects to use the net proceeds for general corporate purposes.