PennyMac Financial Services Files 8-K with Material Agreement
Ticker: PFSI · Form: 8-K · Filed: 2024-03-07T00:00:00.000Z
Sentiment: neutral
Topics: material-agreement, financial-statements, 8-k
Related Tickers: PMT
TL;DR
PMT filed an 8-K on 2/29 for a material agreement - watch for details.
AI Summary
On February 29, 2024, PennyMac Financial Services, Inc. filed an 8-K report detailing a material definitive agreement. The filing also includes financial statements and exhibits related to the company's operations.
Why It Matters
This filing indicates a significant new agreement for PennyMac Financial Services, which could impact its future business operations and financial performance.
Risk Assessment
Risk Level: medium — Material definitive agreements can introduce new risks or opportunities that may affect the company's financial health and stock performance.
Key Players & Entities
- PennyMac Financial Services, Inc. (company) — Registrant
- February 29, 2024 (date) — Date of earliest event reported
- 3043 Townsgate Road, Westlake Village, California 91361 (address) — Principal executive offices
- 001-38727 (company_id) — Commission File Number
FAQ
What is the nature of the material definitive agreement filed by PennyMac Financial Services, Inc.?
The filing indicates the entry into a material definitive agreement, but the specific details of the agreement are not provided in the summary information.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on February 29, 2024.
What is the principal executive office address for PennyMac Financial Services, Inc.?
The principal executive offices are located at 3043 Townsgate Road, Westlake Village, California 91361.
What is the Commission File Number for PennyMac Financial Services, Inc.?
The Commission File Number is 001-38727.
Does this 8-K filing include financial statements?
Yes, the filing explicitly states that it includes 'Financial Statements and Exhibits'.
Filing Stats: 809 words · 3 min read · ~3 pages · Grade level 11.6 · Accepted 2024-03-07 16:30:30
Key Financial Figures
- $0.0001 — nge on which registered Common Stock, $0.0001 par value PFSI New York Stock Exchang
- $425 million — issued an aggregate principal amount of $425 million in secured term notes (the "2024-GT1 No
Filing Documents
- tm248207d1_8k.htm (8-K) — 27KB
- tm248207d1_ex10-1.htm (EX-10.1) — 151KB
- 0001104659-24-031921.txt ( ) — 374KB
- pfsi-20240229.xsd (EX-101.SCH) — 3KB
- pfsi-20240229_lab.xml (EX-101.LAB) — 33KB
- pfsi-20240229_pre.xml (EX-101.PRE) — 22KB
- tm248207d1_8k_htm.xml (XML) — 3KB
01
Item 1.01 Entry into a Material Definitive Agreement. On February 29, 2024, PennyMac Financial Services, Inc. (the "Company"), through its indirect subsidiary, PNMAC GMSR ISSUER TRUST (the "Issuer Trust"), issued an aggregate principal amount of $425 million in secured term notes (the "2024-GT1 Notes") to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the "Securities Act"). The 2024-GT1 Notes bear interest at a rate equal to United States 30 Day Average Secured Overnight Financing Rate or SOFR plus 3.20% per annum, payable each month beginning in March 2024, on the 25th day of such month or, if such 25th day is not a business day, the next business day. The 2024-GT1 Notes will mature on March 25, 2029 or, if extended pursuant to the terms of the Term Note Indenture Supplement (as defined below), either March 25, 2030 or March, 25, 2031. The 2024-GT1 Notes have been assigned an investment grade rating of BBB by Kroll Bond Rating Agency and will rank pari passu with other secured term notes issued by the Issuer Trust. In addition, the 2024-GT1 Notes are secured by certain participation certificates relating to Ginnie Mae mortgage servicing rights and excess servicing spread relating to such mortgage servicing rights that are financed by PennyMac Loan Services, LLC pursuant to a series of structured finance transactions, which are further described in the Company's other current and periodic reports. The 2024-GT1 Notes have not been and are not expected to be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold within the United States or to U.S. persons absent an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. The 2024-GT1 Notes were issued pursuant to the terms of a Series 2024-GT1 indenture supplement, dated as of February 29, 2024 (the "Term Notes Indenture Supplement") to the Third Ame
01
Item 9.01
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Series 2024-GT1 Indenture Supplement to Third Amended and Restated Base Indenture, dated as of February 29, 2024, by and among PNMAC GMSR ISSUER TRUST, Citibank, N.A., PennyMac Loan Services, LLC, and Atlas Securitized Products, L.P. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PENNYMAC FINANCIAL SERVICES, INC. Dated: March 7, 2024 /s/ Daniel S. Perotti Daniel S. Perotti Senior Managing Director and Chief Financial Officer