By Paul A. Harris
Portland, Ore., Oct. 28 – United Shore Financial Services, LLC priced an $800 million issue of five-year senior notes (Ba3//B+) at par to yield 5½% on Wednesday, according to market sources.
The yield printed on top of final yield talk, which had widened from earlier formal talk in the 5¼% area.
The order book was heard to be slightly lagging deal size early Wednesday, according to a bond trader, who surmised that the deal may have needed the additional yield to cross the finish line.
Joint bookrunner UBS Securities LLC will bill and deliver. Additional bookrunners were J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC.
The Pontiac, Mich., residential and wholesale mortgage lender plans to use the proceeds for general corporate purposes.
| Issuer: | United Shore Financial Services, LLC
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| Amount: | $800 million
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| Maturity: | Nov. 15, 2025
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| Securities: | Senior notes
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| Bookrunners: | UBS Securities LLC (bill and deliver), J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC
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| Coupon: | 5½%
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| Price: | Par
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| Yield: | 5½%
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| First call: | Nov. 15, 2022 at 102.75
|
| Trade date: | Oct. 28
|
| Settlement date: | Nov. 3
|
| Ratings: | Moody's: Ba3
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5½%, revised from 5¼% area
|
| Marketing: | Roadshow
|
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