Rocket Companies plans $1.2 billion senior notes offering

Rocket Companies, Inc. (NYSE: RKT) announced plans to issue $1.2 billion in senior notes through a private offering exempt from Securities Act registration requirements, according to a company statement.

The Detroit-based fintech platform will offer $600 million in senior notes due 2031 and $600 million in senior notes due 2034. The notes will be guaranteed by the company's domestic subsidiaries that currently guarantee existing senior notes.

Rocket Companies intends to use proceeds to repay Rocket Mortgage, LLC's 2.875% Senior Notes due 2026 and certain other company debt.

The offering targets qualified institutional buyers under Rule 144A and non-U.S. investors through Regulation S. The notes will not be registered under the Securities Act and cannot be sold in the United States without registration or applicable exemptions.

Rocket Companies operates mortgage, real estate, title and personal finance businesses including Rocket Mortgage, which J.D. Power has ranked first in client satisfaction for primary mortgage origination and servicing 23 times.

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