PennyMac Financial Services, Inc. (NYSE:PFSI) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01Entry into a Material Definitive Agreement.
Master Lease Agreement with Banc of America Leasing Capital, LLC
On March 23, 2017, PennyMac Financial Services, Inc. (the
Company), through its direct controlled subsidiary, Private
National Mortgage Acceptance Company, LLC (PNMAC), entered into
Schedule Number 004 (the Schedule) to that certain Master Lease
Agreement (the Master Lease), dated as of December 9, 2015, with
Banc of America Leasing Capital, LLC (BALC). to the Master Lease,
the Company may borrow funds from BALC on an uncommitted basis
for the purpose of financing equipment and/or leasehold
improvements described and on the terms set forth in schedules
from time to time. The Master Lease is guaranteed in full by the
Companys indirect controlled subsidiary, PennyMac Loan Services,
LLC.
to the Schedule, PNMAC is financing equipment with an aggregate
cost of approximately $10.3 million. The Schedule has a
three-year term and interim rent and base rent is payable to the
terms thereof. At the expiration of the three-year term, the
Company is obligated to purchase the leased equipment on an
as-is, where-is basis for a nominal amount. PNMAC has elected to
treat the Master Lease as a capital lease obligation as defined
in Item 303(a)(5)(ii)(C) of Regulation S-K (17 CFR
229.303(a)(5)(ii)(C)). All other terms and conditions of the
Master Lease remain the same in all material respects.
The foregoing description of the Schedule does not purport to be
complete and is qualified in its entirety by reference to the
full text of the Schedule, which has been filed with this Current
Report on Form 8-K as Exhibit 10.1.The foregoing descriptions of
the Master Lease and the related guaranty do not purport to be
complete and are qualified in their entirety by reference to (i)
the descriptions of the Master Lease and the related guaranty in
the Companys Current Report on Form 8-K as filed on December 14,
2015; and (ii) the full text of the Master Lease and the related
guaranty attached thereto as Exhibits 10.1 and 10.4,
respectively.
Item 2.03Creation of a Direct Financial Obligation or an
Obligation Under an Off-Balance Sheet Arrangement of a
Registrant.
The information set forth under Item 1.01 of this report is
incorporated herein by reference.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits.
|
Exhibit No. |
Description |
|
10.1 |
Schedule Number 004 to Master Lease Agreement, dated as |
About PennyMac Financial Services, Inc. (NYSE:PFSI)
PennyMac Financial Services, Inc. (PFSI) is a financial services company. The Company is focused on the production and servicing of the United States residential mortgage loans and the management of investments related to the United States mortgage market. It operates through three segments: loan production, loan servicing and investment management. Its loan production segment is sourced through approximately two channels: correspondent production and consumer direct lending. Its loan servicing segment performs loan administration, collection and default management activities, including the collection and remittance of loan payments; response to customer inquiries; accounting for principal and interest; counseling delinquent mortgagors, and supervising foreclosures and property dispositions. Its investment management segment represents the activities of the Company’s investment manager, which include sourcing, performing diligence, bidding and closing investment asset acquisitions. PennyMac Financial Services, Inc. (NYSE:PFSI) Recent Trading Information
PennyMac Financial Services, Inc. (NYSE:PFSI) closed its last trading session up +0.25 at 16.45 with 154,112 shares trading hands.