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PONTIAC, Mich., December 05, 2024--(BUSINESS WIRE)--UWM Holdings Corporation (NYSE: UWMC) ("UWMC") announced today that its direct subsidiary, UWM Holdings, LLC ("UWM Holdings"), priced its offering of $800 million aggregate principal amount of 6.625% senior notes due 2030 (the "Notes"). The aggregate principal amount of the offering was increased from the previously announced offering size of $500 million. The Notes will be guaranteed on a senior unsecured basis by UWM Holdings’ wholly-owned subsidiary, United Wholesale Mortgage, LLC ("United Wholesale Mortgage"), and will rank pari passu in right of payment with United Wholesale Mortgage’s existing senior unsecured notes by virtue of such guarantee. UWM Holdings expects the closing of the Notes to occur on December 10, 2024, subject to customary closing conditions. The Notes will have an interest rate of 6.625% and will be issued at a price of 100% of their face value.
UWM Holdings expects to use the net proceeds from the offering to pay down outstanding amounts on United Wholesale Mortgage’s MSR facilities and for general corporate purposes.
The Notes were offered only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to certain non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act. The Notes have not been registered under the Securities Act, or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable securities laws of any other jurisdiction. This press release does not and will not constitute an offer to sell any of the Notes or the solicitation of an offer to buy any of the Notes, nor shall there be any sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About UWMC, UWM Holdings and United Wholesale Mortgage
Headquartered in Pontiac, Michigan, UWMC is the publicly traded direct parent of UWM Holdings. United Wholesale Mortgage is the nation’s largest home mortgage lender by closed loan volume. United Wholesale Mortgage has been the largest wholesale mortgage lender in the nation by closed loan volume for nine consecutive years and is the largest purchase lender in the nation by closed loan volume. With a culture of continuous innovation of technology and enhanced client experience, United Wholesale Mortgage leads the market by building upon its proprietary and exclusively licensed technology platforms, superior service and focused partnership with the independent mortgage broker community. United Wholesale Mortgage originates primarily conforming and government loans across all 50 states and the District of Columbia.