PennyMac Mortgage Investment Trust Prices Private Placement of $200 Million of Exchangeable Senior Notes
PennyMac Mortgage Investment Trust (NYSE: PMT) (“PMT” or the“Company”) today announced the pricing of a private offering by itsindirect wholly-owned subsidiary, PennyMac Corp. (“PMC”), of $200million aggregate principal amount of its Exchangeable Senior Notesdue 2029 (the “Notes”). The initial purchasers have a 13-day optionto purchase up to an additional $30 million aggregate principalamount of Notes from PMC. The Notes will be offered only toqualified institutional buyers (as defined in the Securities Act of1933, as amended (the “Securities Act”)) pursuant to Rule 144Aunder the Securities Act. Settlement of the offering is subject tocustomary closing conditions and is expected to occur on May 24,2024.
The Notes will bear interest at a rate of 8.50% per year,payable semiannually. The Notes will be fully and unconditionallyguaranteed by PMT. Upon exchange, PMC will pay cash up to theaggregate principal amount of the Notes to be exchanged and pay ordeliver, as the case may be, cash, PMT’s common shares ofbeneficial interest (“Common Shares”) or a combination thereof, atPMC’s election, in respect of the remainder, if any, of itsexchange obligation in excess of the aggregate principal amount ofthe Notes being exchanged. The exchange rate will initially equal63.3332 Common Shares per $1,000 principal amount of Notes, whichis equivalent to an initial exchange price of approximately $15.79per Common Share. The initial exchange price is approximately 15%above the $13.73 per Common Share closing price of PMT’s CommonShares on the New York Stock Exchange on May 21, 2024. The Noteswill be PMC’s senior unsecured obligations and will rank equallywith all of its present and future senior unsecured debt and seniorto any future subordinated debt. The Notes will mature on June 1,2029 unless repurchased or exchanged in accordance with their termsprior to such date.
The net proceeds from the offering are intended to be used tofund PMT’s business and investment activities, which may include:the acquisition of mortgage servicing rights, government-sponsoredenterprise credit risk transfer securities and othermortgage-related securities; funding PMT’s correspondent lendingbusiness, including the purchase of Agency-eligible residentialmortgage loans; repayment of other indebtedness, which may includethe repurchase or repayment of a portion of PMC’s 5.50%exchangeable senior notes due 2024 or 5.50% exchangeable seniornotes due 2026, or secured financing; and for other generalbusiness purposes.
Neither the Notes nor the Common Shares issuable upon exchangeof the Notes will be registered under the Securities Act. Neitherthe Notes nor the Common Shares issuable upon exchange of the Notesmay be offered or sold in the United States absent registration oran applicable exemption from the registration requirements of theSecurities Act.
This press release shall not constitute an offer to sell or asolicitation of an offer to buy nor shall there be any sale ofthese securities in any state in which such offer, solicitation orsale would be unlawful prior to registration or qualification underthe securities laws of any state. It is issued pursuant to Rule135c under the Securities Act.
About PennyMac Mortgage Investment Trust
PennyMac Mortgage Investment Trust is a mortgage real estateinvestment trust (REIT) that invests primarily in residentialmortgage loans and mortgage-related assets. PMT is externallymanaged by PNMAC Capital Management, LLC (“PNMAC”), a wholly-ownedsubsidiary of PennyMac Financial Services, Inc. (NYSE: PFSI)(“PFSI”).
Forward-Looking Statements
This press release contains forward-looking statements withinthe meaning of Section 21E of the Securities Exchange Act of 1934,as amended, regarding management’s beliefs, estimates, projectionsand assumptions with respect to, among other things, the Company’sfinancial results, future operations, business plans and investmentstrategies, as well as industry and market conditions, all of whichare subject to change. Forward-looking statements are generallyidentifiable by use of forward-looking terminology like “may,”“will,” “should,” “potential,” “intend,” “expect,” “seek,”“anticipate,” “estimate,” “approximately,” “believe,” “could,”“project,” “predict,” “continue,” “plan” or other similar words orexpressions. Forward-looking statements are based on certainassumptions, discuss future expectations, describe future plans andstrategies, contain financial and operating projections or stateother forward-looking information. Examples of forward-lookingstatements include: (i) projections of the Company’s revenues,income, earnings per share, capital structure or other financialitems; (ii) descriptions of the Company’s plans or objectives forfuture operations, products or services; (iii) forecasts of theCompany’s future economic performance, interest rates, profitmargins and the Company’s share of future markets; and (iv)descriptions of assumptions underlying or relating to any of theforegoing expectations regarding the timing of generating anyrevenues. The Company’s ability to predict results or the actualeffect of future events, actions, plans or strategies is inherentlyuncertain. Although the Company believes that the expectationsreflected in such forward-looking statements are based onreasonable assumptions, the Company’s actual results andperformance could differ materially from those set forth in theforward-looking statements. There are a number of factors, many ofwhich are beyond the Company’s control, that could cause actualresults to differ significantly from its expectations. Some ofthese factors are discussed below. Factors that could cause actualresults to differ materially from historical results or thoseanticipated include, but are not limited to: changes in interestrates and other macroeconomic conditions; the Company’s ability tocomply with various federal, state and local laws and regulationsthat govern the Company’s business; changes in the Company’sinvestment objectives or investment or operational strategies,including any new lines of business or new products and servicesthat may subject it to additional risks; changes in real estatevalues, housing prices and housing sales; the degree and nature ofthe Company’s competition; volatility in the Company’s industry,the debt or equity markets, the general economy or the real estatefinance and real estate markets specifically, whether the result ofmarket events or otherwise; events or circ*mstances which undermineconfidence in the financial and housing markets or otherwise have abroad impact on financial and housing markets, such as the suddeninstability or collapse of large depository institutions or othersignificant corporations, terrorist attacks, natural or man-madedisasters, or threatened or actual armed conflicts; changes ingeneral business, economic, market, employment and domestic andinternational political conditions, or in consumer confidence andspending habits from those expected; the availability of, and levelof competition for, attractive risk-adjusted investmentopportunities in loans and mortgage-related assets that satisfy theCompany’s investment objectives; the inherent difficulty in winningbids to acquire loans, and the Company’s success in doing so; theconcentration of credit risks to which the Company is exposed; theCompany’s dependence on PFSI, PNMAC and PennyMac Loan Services, LLC(“PLS”), potential conflicts of interest with such entities andtheir affiliates, and the performance of such entities; changes inpersonnel and lack of availability of qualified personnel at PFSI,PNMAC and PLS, and their affiliates; the availability, terms anddeployment of short-term and long-term capital; the adequacy of theCompany’s cash reserves and working capital; the Company’ssubstantial amount of debt; the Company’s ability to maintain thedesired relationship between its financing and the interest ratesand maturities of its assets; the timing and amount of cash flows,if any, from the Company’s investments; the Company’s exposure torisks of loss and disruptions in operations resulting from adverseweather conditions, man-made or natural disasters, climate changeand pandemics such as the COVID-19 pandemic; unanticipatedincreases or volatility in financing and other costs, including arise in interest rates; the performance, financial condition andliquidity of borrowers; the ability of the Company’s servicer,which also provides the Company with fulfillment services, toapprove and monitor correspondent sellers and underwrite loans toinvestor standards; incomplete or inaccurate information ordocumentation provided by customers or counterparties, or adversechanges in the financial condition of the Company’s customers andcounterparties; the Company’s indemnification and repurchaseobligations in connection with loans it purchases and later sellsor securitizes; the quality and enforceability of the collateraldocumentation evidencing the Company’s ownership and rights in theassets in which it invests; increased rates of delinquency, defaultand/or decreased recovery rates on the Company’s investments; theperformance of loans underlying mortgage-backed securities in whichthe Company retains credit risk; the Company’s ability to forecloseon its investments in a timely manner or at all; the degree towhich the Company’s hedging strategies may or may not protect itfrom interest rate volatility; the effect of the accuracy of orchanges in the estimates the Company makes about uncertainties,contingencies and asset and liability valuations when measuring andreporting upon the Company’s financial condition and income; theCompany’s ability to maintain appropriate internal control overfinancial reporting; technology failures, cybersecurity risks andincidents, and the Company’s ability to mitigate cybersecurityrisks and cyber intrusions; the Company’s ability to obtain and/ormaintain licenses and other approvals in those jurisdictions whererequired to conduct its business; the Company’s ability to detectmisconduct and fraud; changes in the Company’s credit risk transferarrangements and agreements; developments in the secondary marketsfor the Company’s loan products; legislative and regulatory changesthat impact the loan industry or housing market; changes inregulations that impact the business, operations or governance ofmortgage lenders and/or publicly-traded companies or such changesthat increase the cost of doing business with such entities; theConsumer Financial Protection Bureau and its issued and futurerules and the enforcement thereof; changes in government support ofhomeownership; the Company’s ability to effectively identify,manage and hedge the Company’s credit, interest rate, prepayment,liquidity and climate risks; changes in government orgovernment-sponsored home affordability programs; limitationsimposed on the Company’s business and its ability to satisfycomplex rules for it to qualify as a REIT for U.S. federal incometax purposes and qualify for an exclusion from the InvestmentCompany Act of 1940 and the ability of certain of the Company’ssubsidiaries to qualify as REITs or as taxable REIT subsidiariesfor U.S. federal income tax purposes, as applicable, and theCompany’s ability and the ability of its subsidiaries to operateeffectively within the limitations imposed by these rules; changesin governmental regulations, accounting treatment, tax rates andsimilar matters (including changes to laws governing the taxationof REITs, or the exclusions from registration as an investmentcompany); the Company’s ability to make distributions to itsshareholders in the future; the Company’s failure to dealappropriately with issues that may give rise to reputational risk;and the Company’s organizational structure and certain requirementsin its charter documents. These factors are not necessarily all ofthe important factors that could cause the Company’s actual resultsand performance to differ materially from those expressed in orimplied by any of the Company’s forward-looking statements. Otherunknown or unpredictable factors also could adversely affect theCompany’s actual results and performance. Consequently, there canbe no assurance that the results or performance anticipated by theCompany will be realized or, even if substantially realized, thatthey will have the expected consequences to or effects on theCompany. You should not place undue reliance on any forward-lookingstatement and should consider all of the uncertainties and risksdescribed above, as well as those more fully discussed in reportsand other documents filed by the Company with the Securities andExchange Commission from time to time. The Company undertakes noobligation to publicly update or revise any forward-lookingstatements or any other information contained herein, and thestatements made in this press release are current as of the date ofthis release only.
View sourceversion on businesswire.com: https://www.businesswire.com/news/home/20240521142604/en/
Media
Lauren Padilla
mediarelations@pennymac.com
805.225.8224
Investors
Kevin Chamberlain
Isaac Garden
investorrelations@pennymac.com
818.224.7028
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Preferred Shares (NYSE:...","one_line_short_text":"\nPennyMac Mortgage Investment Trust (NYSE: PMT) announced today that its Board of Trustees has declared cash dividends for the second quarter of...","link":"https:\/\/www.advfn.com\/stock-market\/NYSE\/PMT\/stock-news\/93867960\/pennymac-mortgage-investment-trust-declares-second","source":"Business Wire","source_logo":"\/common\/images\/news-sources\/bw.png","tags":[],"timestamp":1715860800,"date":"Thu May 16, 2024 ","time":"8:00 AM (7 days ago)","full_date":"May 16, 2024 8:00 AM","post_time":"May 16 2024","article_id":93867960,"source_id":"bw","media_url":null,"press_release":true},{"headline":"PennyMac Mortgage Investment Trust Reports First Quarter 2024 Results","short_text":"\nPennyMac Mortgage Investment Trust (NYSE: PMT) today reported net income attributable to common shareholders of $37.2 million, or $0.39 per common share on a diluted basis for the first quarter...","one_line_short_text":"\nPennyMac Mortgage Investment Trust (NYSE: PMT) today reported net income attributable to common shareholders of $37.2 million, or $0.39 per...","link":"https:\/\/www.advfn.com\/stock-market\/NYSE\/PMT\/stock-news\/93709021\/pennymac-mortgage-investment-trust-reports-first-q","source":"Business Wire","source_logo":"\/common\/images\/news-sources\/bw.png","tags":[],"timestamp":1713989760,"date":"Wed Apr 24, 2024 ","time":"4:16 PM (4 weeks ago)","full_date":"April 24, 2024 4:16 PM","post_time":"April 24 2024","article_id":93709021,"source_id":"bw","media_url":null,"press_release":true},{"headline":"PennyMac Mortgage Investment Trust Announces Date for Release of First Quarter 2024 Results","short_text":"\nPennyMac Mortgage Investment Trust (NYSE: PMT) will announce results for the quarter ended March 31, 2024, in a news release to be issued after the market close on Wednesday, April 24, 2024...","one_line_short_text":"\nPennyMac Mortgage Investment Trust (NYSE: PMT) will announce results for the quarter ended March 31, 2024, in a news release to be issued after...","link":"https:\/\/www.advfn.com\/stock-market\/NYSE\/PMT\/stock-news\/93672815\/pennymac-mortgage-investment-trust-announces-date","source":"Business Wire","source_logo":"\/common\/images\/news-sources\/bw.png","tags":[],"timestamp":1713355200,"date":"Wed Apr 17, 2024 ","time":"8:00 AM (1 month ago)","full_date":"April 17, 2024 8:00 AM","post_time":"April 17 2024","article_id":93672815,"source_id":"bw","media_url":null,"press_release":true},{"headline":"PennyMac Mortgage Investment Trust Declares First Quarter 2024 Dividend for Its Common Shares","short_text":"\nPennyMac Mortgage Investment Trust (NYSE: PMT) announced today that its Board of Trustees declared a cash dividend of $0.40 per common share of beneficial interest for the first quarter of 2024...","one_line_short_text":"\nPennyMac Mortgage Investment Trust (NYSE: PMT) announced today that its Board of Trustees declared a cash dividend of $0.40 per common share of...","link":"https:\/\/www.advfn.com\/stock-market\/NYSE\/PMT\/stock-news\/93528306\/pennymac-mortgage-investment-trust-declares-first","source":"Business Wire","source_logo":"\/common\/images\/news-sources\/bw.png","tags":[],"timestamp":1711022400,"date":"Thu Mar 21, 2024 ","time":"8:00 AM (2 months ago)","full_date":"March 21, 2024 8:00 AM","post_time":"March 21 2024","article_id":93528306,"source_id":"bw","media_url":null,"press_release":true},{"headline":"PennyMac Mortgage Investment Trust Declares First Quarter 2024 Dividends for Its Preferred Shares","short_text":"\nPennyMac Mortgage Investment Trust (NYSE: PMT) announced today that its Board of Trustees has declared cash dividends for the first quarter of 2024 on its 8.125% Series A Fixed-to-Floating Rate...","one_line_short_text":"\nPennyMac Mortgage Investment Trust (NYSE: PMT) announced today that its Board of Trustees has declared cash dividends for the first quarter of...","link":"https:\/\/www.advfn.com\/stock-market\/NYSE\/PMT\/stock-news\/93235603\/pennymac-mortgage-investment-trust-declares-first","source":"Business Wire","source_logo":"\/common\/images\/news-sources\/bw.png","tags":[],"timestamp":1707397200,"date":"Thu Feb 08, 2024 ","time":"8:00 AM (3 months ago)","full_date":"February 8, 2024 8:00 AM","post_time":"February 08 2024","article_id":93235603,"source_id":"bw","media_url":null,"press_release":true},{"headline":"PennyMac Mortgage Investment Trust Reports Fourth Quarter and Full-Year 2023 Results","short_text":"\nPennyMac Mortgage Investment Trust (NYSE: PMT) today reported net income attributable to common shareholders of $42.5 million, or $0.44 per common share on a diluted basis for the fourth quarter...","one_line_short_text":"\nPennyMac Mortgage Investment Trust (NYSE: PMT) today reported net income attributable to common shareholders of $42.5 million, or $0.44 per...","link":"https:\/\/www.advfn.com\/stock-market\/NYSE\/PMT\/stock-news\/93189599\/pennymac-mortgage-investment-trust-reports-fourth","source":"Business Wire","source_logo":"\/common\/images\/news-sources\/bw.png","tags":[],"timestamp":1706822100,"date":"Thu Feb 01, 2024 ","time":"4:15 PM (4 months ago)","full_date":"February 1, 2024 4:15 PM","post_time":"February 01 2024","article_id":93189599,"source_id":"bw","media_url":null,"press_release":true},{"headline":"PennyMac Mortgage Investment Trust Announces Date for Release of Fourth Quarter and Full-Year 2023 Results","short_text":"\nPennyMac Mortgage Investment Trust (NYSE: PMT) will announce results for the quarter and year ended December 31, 2023, in a news release to be issued after the market close on Thursday, February...","one_line_short_text":"\nPennyMac Mortgage Investment Trust (NYSE: PMT) will announce results for the quarter and year ended December 31, 2023, in a news release to be...","link":"https:\/\/www.advfn.com\/stock-market\/NYSE\/PMT\/stock-news\/93155965\/pennymac-mortgage-investment-trust-announces-date","source":"Business Wire","source_logo":"\/common\/images\/news-sources\/bw.png","tags":[],"timestamp":1706533200,"date":"Mon Jan 29, 2024 ","time":"8:00 AM (4 months ago)","full_date":"January 29, 2024 8:00 AM","post_time":"January 29 2024","article_id":93155965,"source_id":"bw","media_url":null,"press_release":true},{"headline":"PennyMac Mortgage Investment Trust Declares Fourth Quarter 2023 Dividend for Its Common Shares","short_text":"\nPennyMac Mortgage Investment Trust (NYSE: PMT) announced today that its Board of Trustees declared a cash dividend of $0.40 per common share of beneficial interest for the fourth quarter of 2023...","one_line_short_text":"\nPennyMac Mortgage Investment Trust (NYSE: PMT) announced today that its Board of Trustees declared a cash dividend of $0.40 per common share of...","link":"https:\/\/www.advfn.com\/stock-market\/NYSE\/PMT\/stock-news\/92739354\/pennymac-mortgage-investment-trust-declares-fourth","source":"Business Wire","source_logo":"\/common\/images\/news-sources\/bw.png","tags":[],"timestamp":1701865800,"date":"Wed Dec 06, 2023 ","time":"7:30 AM (6 months ago)","full_date":"December 6, 2023 7:30 AM","post_time":"December 06 2023","article_id":92739354,"source_id":"bw","media_url":null,"press_release":true},{"headline":"PennyMac Mortgage Investment Trust Declares Fourth Quarter 2023 Dividends for Its Preferred Shares","short_text":"\nPennyMac Mortgage Investment Trust (NYSE: PMT) announced today that its Board of Trustees has declared cash dividends for the fourth quarter of 2023 on its 8.125% Series A Fixed-to-Floating Rate...","one_line_short_text":"\nPennyMac Mortgage Investment Trust (NYSE: PMT) announced today that its Board of Trustees has declared cash dividends for the fourth quarter of...","link":"https:\/\/www.advfn.com\/stock-market\/NYSE\/PMT\/stock-news\/92581214\/pennymac-mortgage-investment-trust-declares-fourth","source":"Business Wire","source_logo":"\/common\/images\/news-sources\/bw.png","tags":[],"timestamp":1700137800,"date":"Thu Nov 16, 2023 ","time":"7:30 AM (6 months ago)","full_date":"November 16, 2023 7:30 AM","post_time":"November 16 2023","article_id":92581214,"source_id":"bw","media_url":null,"press_release":true},{"headline":"PennyMac Mortgage Investment Trust Reports Third Quarter 2023 Results","short_text":"\nPennyMac Mortgage Investment Trust (NYSE: PMT) today reported net income attributable to common shareholders of $51.0 million, or $0.51 per common share on a diluted basis for the third quarter...","one_line_short_text":"\nPennyMac Mortgage Investment Trust (NYSE: PMT) today reported net income attributable to common shareholders of $51.0 million, or $0.51 per...","link":"https:\/\/www.advfn.com\/stock-market\/NYSE\/PMT\/stock-news\/92378893\/pennymac-mortgage-investment-trust-reports-third-q","source":"Business Wire","source_logo":"\/common\/images\/news-sources\/bw.png","tags":[],"timestamp":1698351300,"date":"Thu Oct 26, 2023 ","time":"4:15 PM (7 months ago)","full_date":"October 26, 2023 4:15 PM","post_time":"October 26 2023","article_id":92378893,"source_id":"bw","media_url":null,"press_release":true}],"Preferred Contributors": ""}},created: function () {this.loaded = true;Vue.nextTick(function(){});}});});
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