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.

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