Quicken Loans’ $1.25 billion 10-year notes talked to yield 5¾%-6%; pricing seen Friday

By Paul Deckelman

New York, April 30 – Quicken Loans Inc.’s pending $1.25 billion split-rated (Ba2/BBB-) offering of 10-year senior notes is expected to yield 5¾% to 6%, according to market price talk, high-yield syndicate sources said Thursday.

They added that order books on the Detroit-based online lender’s big deal are scheduled to close at 11 a.m. ET on Friday, with pricing expected sometime thereafter.

Credit Suisse Securities (USA) LLC is the lead left bookrunner for the Rule 144A and Regulation S for life offering, while J.P. Morgan Securities LLC is the joint bookrunner.

The notes become callable after five years at par plus 50% of the coupon and feature a three-year 35% equity clawback and a 101% poison put.

The company plans to use the proceeds from the note sale to fund a distribution to Rock Holdings, its parent, and for general corporate purposes.

Paul A. Harris contributed to this story

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.