United Wholesale Mortgage driving by with $700 million eight-year notes; initial talk mid-5% area

By Paul A. Harris

Portland, Ore., March 30 – United Wholesale Mortgage, LLC plans to price a $700 million offering of eight-year senior notes (expected ratings Ba3/B+/B+) in a Tuesday drive-by, according to market sources.

Initial price talk has the deal coming to yield in the mid-5% area, a trader said.

J.P. Morgan Securities LLC is the lead.

The Rule 144A and Regulation S notes come with three years of call protection.

The issuing entity will be UWM Holdings Corp., an indirect subsidiary of United Wholesale Mortgage.

The Pontiac, Mich.-based provider of residential mortgage services plans to use the proceeds to repay amounts outstanding under its mortgage servicing rights facility and the remainder for general corporate purposes.

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