UWM Holdings Corporation Announces Offering of Senior Notes Due 2027

Rhea-AI Summary

UWM Holdings Corporation (NYSE:UWMC) has commenced a private offering of $500 million in senior notes due 2027 through its indirect subsidiary, UWM. The net proceeds will be used for general corporate purposes and growth. The Notes are offered only to qualified institutional buyers and certain non-U.S. persons, in compliance with Rule 144A and Regulation S under the Securities Act. They are unregistered and cannot be sold in the U.S. unless exempt. UWM, headquartered in Pontiac, Michigan, is the largest wholesale mortgage lender in the U.S., focusing on conforming and government loans.

Positive

• Private offering of $500 million in senior notes to fund growth and corporate purposes.

Negative

• The offering may lead to shareholder dilution if not successfully completed.
• Risks associated with market conditions could affect successful completion of the offering.

PONTIAC, Mich.--(BUSINESS WIRE)-- UWM Holdings Corporation (NYSE:UWMC)(“UWMC”) announced today that its indirect subsidiary, United Wholesale Mortgage, LLC (“UWM”), has commenced a private offering of $500 million aggregate principal amount of senior notes due 2027 (the “Notes”).

UWM expects to use the net proceeds from the offering for general corporate purposes and to fund growth.

The Notes will be 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 UWM Holdings Corporation and United Wholesale Mortgage

Headquartered in Pontiac, Michigan, UWM Holdings Corporation is the publicly traded indirect parent of United Wholesale Mortgage, LLC (“UWM”). UWM is the largest wholesale mortgage lender in the United States, originating mortgage loans exclusively through the wholesale channel. With a culture of continuous innovation of technology and enhanced client experience, we lead our market by building upon our proprietary and exclusively licensed technology platforms, superior service and focused partnership with the independent mortgage broker community. UWM focuses on providing highly efficient, accurate and expeditious lending support. We originate primarily conforming and government loans across all 50 states and the District of Columbia.

Forward Looking Statements

This press release includes forward-looking statements regarding the offering of the Notes and the intended use of the net proceeds. Forward-looking statements include statements identified by terms such as "expect," "anticipate," "believe," "outlook," "may," "should," "target" or similar terms and variations thereof. These forward-looking statements may be affected by risks and uncertainties in UWM's business and market conditions. UWM wishes to caution readers that certain important factors may have affected and could in the future affect UWM's actual results and could cause UWM's actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of UWM, including the risk that the offering of the Notes cannot be successfully completed. UWM undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211115005783/en/

INVESTOR CONTACT

MATT ROSLIN

InvestorRelations@uwm.com

MEDIA CONTACT

NICOLE YELLAND

Media@uwm.com

Source: UWM Holdings Corporation

FAQ

What is UWM's private offering amount?

UWM is offering $500 million in senior notes.

What is the purpose of the senior notes offering?

The net proceeds will be used for general corporate purposes and to fund growth.

Who can purchase the senior notes from UWM?

The notes are offered only to qualified institutional buyers and certain non-U.S. persons.

What are the risks associated with UWM's offering?

There are risks related to market conditions and potential shareholder dilution.

When are the senior notes due?

The senior notes are due in 2027.