UWM driving by with $500 million 5.5-year notes; talk 5¾% area

By Paul A. Harris

Portland, Ore., Nov. 15 – UWM Holdings Corp. plans to price a $500 million offering of United Wholesale Mortgage, LLC senior notes due 2027 (Ba2/BB-) in a Monday drive-by, according to market sources.

Initial guidance has the deal coming to yield in the 5¾% area.

J.P. Morgan Securities LLC is the lead.

The Rule 144A and Regulation S 5.5-year notes come with 2.5 years of call protection.

United Wholesale Mortgage is an indirect subsidiary of UWM Holdings.

The Pontiac, Mich.-based wholesale mortgage lender plans to use the proceeds for general corporate purposes and to fund growth.

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