Davis Polk advised the administrative agent in connection with the amendment and extension of the $150 million revolving facility provided to Private National Mortgage Acceptance Company, LLC (“PennyMac”). The proceeds of the facility will be used for working capital and general corporate purposes of PennyMac and its subsidiaries.

PennyMac engages in mortgage banking and investment management activities. PennyMac’s mortgage banking activities consist of residential mortgage loan production (including correspondent production and consumer direct lending) and mortgage loan servicing. PennyMac’s investment management activities and a portion of its loan servicing activities are conducted on behalf of investment vehicles that invest in residential mortgage loans and related assets.

The Davis Polk finance team included partner Jeong M. Lee and associates Sanders Witkow and Brittany Taylor. Counsel Gregory D. Hughes provided executive compensation advice. Members of the Davis Polk team are based in the New York and Northern California offices.

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