MOORPARK, Calif.--(BUSINESS WIRE)--
PennyMac Financial Services, Inc. (NYSE: PFSI) (“PennyMac Financial”)
announced today the commencement of an underwritten secondary public
offering of 5,554,545 shares of its Class A common stock by selling
stockholder Fidelity Investments Charitable Gift Fund. Citigroup Global
Markets, Inc. is acting as the sole book-running manager and sole
underwriter for the offering. Citigroup Global Markets, Inc. will have
the option to purchase up to an additional 555,455 shares of Class A
common stock from the selling stockholder. PennyMac Financial will not
sell any shares in the offering and the selling stockholder will receive
all of the proceeds from the offering.
Fidelity Capital Markets, or FCM, acted as an advisor to Fidelity
Investments Charitable Gift Fund and BlackRock Inc. in connection with
the transaction, for which they did not receive any compensation or
items of value. An affiliate of BlackRock Inc. is a stockholder of
PennyMac Financial and is not selling any shares in the offering.
However, FCM does intend to act as a retail selling group member in the
offering and will receive compensation in the form of a sales concession
on shares it distributes while acting in that capacity. FCM is a
division of National Financial Services LLC.
The offering is being made pursuant to an effective shelf registration
statement that has been filed with the Securities and Exchange
Commission (the “SEC”). A prospectus supplement related specifically to
the offering is being filed with the SEC. Copies of the prospectus
supplement and the base prospectus relating to these shares will be
available on the SEC’s website at http://www.sec.gov
and may be obtained from Citigroup Global Markets, Inc. by mail at
Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717 (tel: 800-831-9146) or by email at BATProspectusdept@citi.com.
This press release is neither an offer to sell nor a solicitation of an
offer to buy any shares of Class A common stock or any other security of
PennyMac Financial. There shall be no sale of securities in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any
such state or jurisdiction.
About PennyMac Financial Services, Inc.
PennyMac Financial Services, Inc. is a specialty financial services firm
with a comprehensive mortgage platform and integrated business focused
on the production and servicing of U.S. residential mortgage loans and
the management of investments related to the U.S. residential mortgage
market. PennyMac Financial Services, Inc. is headquartered in Moorpark,
California. The Company trades on the New York Stock Exchange under the
symbol "PFSI." Additional information about the Company is available at www.IR.PennyMacFinancial.com.
This press release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, regarding management’s beliefs, estimates, projections and
assumptions with respect to, among other things, the Company’s financial
results, future operations, business plans and investment strategies, as
well as industry and market conditions, all of which are subject to
change. Words like “believe,” “expect,” “anticipate,” “promise,” “plan,”
and other expressions or words of similar meanings, as well as future or
conditional verbs such as “will,” “would,” “should,” “could,” or “may”
are generally intended to identify forward-looking statements. Actual
results and operations for any future period may vary materially from
those projected herein and from past results discussed herein. Factors
which could cause actual results to differ materially from historical
results or those anticipated include, but are not limited to: changes in
federal, state and local laws and regulations applicable to the highly
regulated industry in which we operate; lawsuits or governmental actions
if we do not comply with the laws and regulations applicable to our
businesses; the creation of the Consumer Financial Protection Bureau, or
CFPB, and enforcement of its rules; changes in existing U.S.
government-sponsored entities, their current roles or their guarantees
or guidelines; changes to government mortgage modification programs; the
licensing and operational requirements of states and other jurisdictions
applicable to our businesses, to which our bank competitors are not
subject; foreclosure delays and changes in foreclosure practices;
certain banking regulations that may limit our business activities;
changes in macroeconomic and U.S. residential real estate market
conditions; difficulties in growing loan production volume; changes in
prevailing interest rates; increases in loan delinquencies and defaults;
our reliance on PennyMac Mortgage Investment Trust as a significant
source of financing for, and revenue related to, our correspondent
lending business; availability of required additional capital and
liquidity to support business growth; our obligation to indemnify
third-party purchasers or repurchase loans that we originate, acquire or
assist in with fulfillment; our obligation to indemnify advised entities
or investment funds to meet certain criteria or characteristics or under
other circumstances; decreases in the historical returns on the assets
that we select and manage for our clients, and our resulting management
and incentive fees; regulation applicable to our investment management
segment; conflicts of interest in allocating our services and investment
opportunities among ourselves and our advised entities; the potential
damage to our reputation and adverse impact to our business resulting
from ongoing negative publicity; and our rapid growth. You should not
place undue reliance on any forward-looking statement and should
consider all of the uncertainties and risks described above, as well as
those more fully discussed in reports and other documents filed by the
Company with the Securities and Exchange Commission from time to time.
The Company undertakes no obligation to publicly update or revise any
forward-looking statements or any other information contained herein,
and the statements made in this press release are current as of the date
of this release only.
Investors and Media
PennyMac Financial Services, Inc.
Christopher
Oltmann
(818) 746-2046
Source: PennyMac Financial Services, Inc.