Quicken Loans talks $1 billion 10-year notes to yield in 5¼% area; pricing Tuesday

By Paul A. Harris

Portland, Ore., Dec. 4 – Quicken Loans Inc. talked $1 billion of senior notes due Jan. 15, 2028 to yield in the 5¼% area, according to a syndicate source.

Books close at 1 p.m. ET on Tuesday, and the Rule 144A and Regulation S for life deal is set to price thereafter.

Credit Suisse Securities (USA) LLC is the lead bookrunner. J.P. Morgan Securities LLC and BofA Merrill Lynch are the joint bookrunners.

Allen & Co., Barclays, Huntington Bank, KeyBanc Capital Markets, RBC Capital Markets LLC, UBS Investment Bank, Wells Fargo Securities LLC, Goldman Sachs & Co. and Fifth Third Bank are the co-managers.

The notes become callable after five years at par plus 50% of the coupon and feature a three-year 40% equity clawback and a 101% poison put.

The Detroit-based online lender plans to use the proceeds to fund a distribution to shareholders and for general corporate purposes.

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