Rocket Mortgage offers to buy, solicits consents for 5¼% notes

Chicago, Sept. 21 – Rocket Mortgage, LLC is offering to purchase any and all of its $1.01 billion outstanding 5¼% senior notes due Jan. 15, 2028 (Cusips: 74840LAB8, U7467LAB7) and is also soliciting consents for proposed amendments to the related indenture, according to a statement.

The company is offering a total tender consideration of $1,077.50 per $1,000 note, inclusive of a $30 early tender payment.

Interest will also be paid to the relevant settlement date.

For the consent solicitation, the company seeks to eliminate substantially all of the restrictive covenants in the indenture and the notes, eliminate all events of default other than failure to pay interest and principal and shorten the minimum notice period to between five and 60 days from 30 days to 60 days.

For the consent solicitation to be successful, noteholders representing a majority of the notes must consent to the amendments.

The early deadline is 5 p.m. ET on Oct. 4. The early deadline is also the withdrawal deadline.

Early settlement is planned for Oct. 5.

The offer and consent solicitation will expire at midnight ET on Oct. 19.

Final settlement is planned for Oct. 21.

The offer and the solicitation are conditioned upon a financing condition.

Morgan Stanley is the dealer manager (800 624-1808, 212 761-1057).

D.F. King & Co., Inc is the information and tender agent for the offer (800 755-7250, 212 269-5552, rocket@dfking.com).

Rocket Mortgage is a Detroit-based online lender. Previously it was known as Quicken Loans, LLC.

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