The correspondent leader priced $650 million of 6.750% senior notes due 2034 on Thursday. The company said it will use the proceeds to repay borrowings under its secured mortgage servicing rights facilities, other secured debt and general corporate purposes. 

The move follows two larger offerings in the first half of this year, as Pennymac has a combined $4.25 billion across six outstanding unsecured notes as of the end of the second quarter. The latest bonds will be offered only to institutional investors and won't be registered with the Securities and Exchange Commission. 

The company's other debt restructuring moves this year, according to financial filings, include: 

• Priced $850 million of 6.875% senior notes due 2033 in February
• Priced $850 million of 6.875% senior notes due 2032 in May
• Redeemed $650 million in 5.375% senior notes which were due October 2025 in May
• Redeemed $500 million in 4.25% term notes due in May 2027 in June

The most recent offering is expected to close Tuesday. The interest is payable semi-annually beginning next February. 

The industry's second-largest producer and sixth-largest servicer has fared relatively well in recent quarters despite headwinds in the mortgage market. The company reported last month second quarter net income that surpassed quarter and year-ago periods. Pennymac has also made significant strides to capture a larger share of the wholesale market. 

Lenders are still entering the debt markets in recent months as demand for home loans hasn't shown signs of drastic improvement. Private mortgage insurer Essent Group in June priced a $500 million offering to repay borrowings related to a credit facility, while Angel Oak Mortgage REIT priced a smaller $42.5 million offering to cover non-qualified mortgage acquisitions. 

Rocket Cos. meanwhile priced a combined $4 billion in senior notes in June, in part to pay off Mr. Cooper's looming senior notes ahead of its anticipated acquisition.