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PennyMac Spinoff's Shareholder to Sell Stock for $100M

MAR 27, 2014 6:26pm ET
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PennyMac Financial Services, a mortgage banking company spun off from a distressed asset investor, announced a secondary public offering of existing shares.

The lender, based in Moorpark, Calif., said Thursday that the offering of 5.6 million shares of common stock has been priced at $16.50 per share. The shares are being sold by stockholder Fidelity Investments Charitable Gift Fund, which will receive the entire $100.8 million in proceeds.

Citigroup Global Markets, a division of Citigroup, is the sole book-running manager and underwriter for the offering. It will have a 30-day option to buy up to an additional 555,455 shares of common stock from Fidelity.

PennyMac Mortgage Investment Trust, founded during the mortgage crisis by Countrywide veteran Stan Kurland to acquire defaulted mortgages, spun off PennyMac Financial Services, an originator of new loans, last year.

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