UWM Holdings Corporation has closed the issuance of $1 billion in senior notes, an oversubscribed transaction that comes just two months before the maturity of its existing notes. The company initially planned to issue $600 million.

Proceeds, due November 15, will be used to repay $800 million in senior notes that carry a 5.5% coupon, to pay down mortgage servicing rights (MSR) facilities, and UWM will apply the remainder for general working capital, according to a filing with the Securities and Exchange Commission (SEC). 

The new senior notes, due 2031, carry a 6.250% coupon and are guaranteed on a senior unsecured basis details ⇒

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