UWM Holdings Corporation Announces Pricing of $500 Million of 5.750% Senior Notes Due 2027

Rhea-AI Summary

UWM Holdings Corporation (NYSE:UWMC) announced the pricing of a $500 million senior notes offering with a 5.750% interest rate due 2027. Closing is expected on November 22, 2021, subject to customary conditions. The proceeds will be utilized for general corporate purposes and growth funding. The offering is available exclusively to qualified institutional buyers under Rule 144A of the Securities Act of 1933 and certain non-U.S. persons outside the United States. The Notes will not be registered under the Securities Act, limiting their offer and sale without exemption.

Positive

• UWM priced $500 million in senior notes, indicating strong demand.
• The 5.750% interest rate is competitive for corporate bonds.
• Proceeds will support general corporate purposes and growth initiatives.

Negative

• The offering is limited to qualified institutional buyers, excluding retail investors.
• Uncertainty exists regarding the successful completion of the offering due to potential market risks.

PONTIAC, Mich.--(BUSINESS WIRE)-- UWM Holdings Corporation (NYSE:UWMC) (“UWMC”) announced today that its indirect subsidiary, United Wholesale Mortgage, LLC (“UWM”), priced its offering of $500 million aggregate principal amount of 5.750% senior notes due 2027 (the “Notes”). UWM expects the closing of the Notes to occur on November 22, 2021, subject to customary closing conditions. The Notes will have an interest rate of 5.750% and will be issued at a price of 100% of their face value.

UWM intends to use the net proceeds of the offering for general corporate purposes and to fund growth.

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 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, UWM leads its market by building upon its 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. UWM originates 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. 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/20211115006331/en/

For inquiries regarding UWM, please contact:

INVESTOR CONTACT

MATT ROSLIN

InvestorRelations@uwm.com

MEDIA CONTACT

NICOLE YELLAND

Media@uwm.com

Source: UWM Holdings Corporation

FAQ

What is UWM Holdings Corporation's latest press release about?

UWM Holdings Corporation announced a $500 million senior notes offering with a 5.750% interest rate due 2027.

When is the closing date for UWM's senior notes offering?

The closing date for UWM's senior notes offering is expected to be on November 22, 2021.

What will UWM use the proceeds from the senior notes for?

UWM will use the proceeds from the senior notes offering for general corporate purposes and to fund growth.

Who can purchase UWM's senior notes?

The senior notes are offered only to qualified institutional buyers under Rule 144A and certain non-U.S. persons.

Are the senior notes registered under the Securities Act?

No, the senior notes have not been registered under the Securities Act and may not be sold in the United States without registration or an exemption.