Rocket Mortgage plans to issue $4 billion in unsecured senior notes due in 2030 and 2033 to qualified institutional buyers. The capital raised will facilitate their $1.75 billion acquisition of Redfin and a $9.4 billion deal for Mr. Cooper. The proceeds will support the redemption of certain senior notes due in 2026, 2027, and 2028, and help repay secured debts across its acquired companies. This move is part of a broader trend of debt issuance among nonbank mortgage lenders, with Rocket's offering being notably larger than others recently announced.
"Rocket disclosed its proposed $1.75 billion acquisition of Redfin and $9.4 billion deal for Mr. Cooper in March, intending to boost its market presence."
"Rocket's move comes amid a wave of debt issuance by nonbank mortgage lenders, with this $4 billion offering significantly outpacing others in the sector."
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