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PennyMac Mortgage Investment (PMT) prices a private offering of $200M in Exchange Senior Notes...

PennyMac Mortgage Investment (PMT) prices a private offering of $200M in Exchange Senior Notes due in 2020. The coupon is 5.375% and the initial exchange rate of 33.5149 shares/$1K of principal is equivalent to $29.84/share, about 25% above last night's close. Shares fell 1.5% yesterday following announcement of the offering. (PR
Comments (1)
  • Renoira
    , contributor
    Comments (86) | Send Message
     
    Caveat Emptor -

     

    How does PennyMac who makes their money from distressed mortgages reconcile their stock offerings to the fact that the recent Foreclosure review has acknowledged the wrong-doing by lenders who have wrongfully foreclosed? And how many of these wrongful distressed properties have made it into PennyMac's coffer?

     

    This is certainly something to consider before making a large commitment.
    25 Apr 2013, 10:57 AM Reply Like
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