PennyMac is set to issue unsecured senior notes maturing in 2030, leveraging an $850 million oversubscribed offering. The proceeds will support investments in subordinated bonds, mortgage servicing rights, and correspondent lending. Similarly, loanDepot plans to redeem its October 2025 debt by offering $200 million in notes secured by Ginnie Mae MSRs, demonstrating its robust financing strategy. The article notes the broader market dynamics, including Fitch’s estimate of a substantial debt maturity wall for nonbank mortgage issuers over the next two years, indicating an active refinancing environment.
The new notes, guaranteed by subsidiary PennyMac Corp., will be listed on the New York Stock Exchange.
The transaction highlights the strength and breadth of loanDepot's financing strategy and attractive capital raising alternatives, said David Hayes, loanDepot's chief financial officer.
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