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Rocket Companies Announces the Expiration and Final Results of Exchange Offers and Consent Solicitations for Any and All of Nationstar Mortgage Holdings Inc.'s 6.500% Senior Notes Due 2029 and 7.125% Senior Notes Due 2032
Prnewswire· 2025-09-30 23:50
Core Viewpoint - Rocket Companies, Inc. has successfully completed its exchange offers and consent solicitations for existing senior notes, allowing holders to exchange their notes for new notes issued by the company, contingent upon the acquisition of Mr. Cooper Group Inc. [1][3] Summary by Sections Exchange Offers and Consent Solicitations - The exchange offers for $750 million of 6.500% Senior Notes due 2029 and $1 billion of 7.125% Senior Notes due 2032 expired on September 30, 2025, at 5:01 p.m. New York City time [1] - As of the expiration date, approximately 98.41% of the 2029 Notes ($738,075,000) and 95.53% of the 2032 Notes ($955,326,000) were validly tendered [2] Settlement and Payment - The settlement date for the exchange offers is expected to be October 1, 2025, coinciding with the anticipated closing of the Mr. Cooper acquisition [3] - Eligible holders who tendered their existing notes before the early tender date will receive a cash payment of $2.50 per $1,000 principal amount of existing notes [4] - Holders who tendered after the early tender date but before the expiration date will receive $1,000 principal amount of new Rocket Notes for each $1,000 principal amount of existing notes tendered [5] Amendments and Terms - The company received sufficient consents to amend the indentures governing the existing notes, which included eliminating the "Change of Control" offer requirement and most restrictive covenants [6] - New Rocket Notes will have identical interest rates, maturity dates, and payment terms as the existing notes, with the first interest payment accruing from August 1, 2025 [7]
Rocket Companies Announces the Extension of the Expiration Date for Exchange Offers and Consent Solicitations for Any and All of Nationstar Mortgage Holdings Inc.'s 6.500% Senior Notes Due 2029 and 7.125% Senior Notes Due 2032
Prnewswire· 2025-09-03 00:30
Core Viewpoint - Rocket Companies, Inc. has extended the expiration date for its exchange offers and consent solicitations related to the acquisition of Mr. Cooper Group Inc., allowing for the exchange of existing senior notes for new senior notes [1][2] Group 1: Exchange Offers and Consent Solicitations - The expiration date for the exchange offers has been extended from September 2, 2025, to September 30, 2025 [1] - The settlement date for the exchange offers is expected to occur on or before the second business day following the expiration date [2] - Eligible holders can withdraw their tenders of existing notes at any time prior to the expiration date, but related consents cannot be withdrawn [2] Group 2: Proposed Amendments - On the early tender date of August 15, 2025, sufficient consents were received to amend the indentures governing the existing notes, which include eliminating the "Change of Control" offer requirement and substantially all restrictive covenants [3] - A supplemental indenture was executed to effect these proposed amendments, which will become operative upon acceptance of the validly tendered existing notes [3] Group 3: Tendered Notes - As of September 2, 2025, approximately 98.41% of the outstanding 2029 Notes and approximately 95.52% of the outstanding 2032 Notes were validly tendered [4] Group 4: Conditions for Consummation - The consummation of the exchange offers is subject to the satisfaction or waiver of certain conditions, including the concurrent consummation of the Mr. Cooper acquisition [5]
Rocket Companies Announces Early Tender Results of Exchange Offers and Consent Solicitations for Any and All of Nationstar Mortgage Holdings Inc.'s 6.500% Senior Notes Due 2029 and 7.125% Senior Notes Due 2032 and Receipt of Requisite Consents
Prnewswire· 2025-08-15 23:54
Core Viewpoint - Rocket Companies, Inc. is conducting exchange offers and consent solicitations for existing senior notes as part of its acquisition of Mr. Cooper Group Inc. [1] Summary by Sections Exchange Offers and Consent Solicitations - The company announced early results for the exchange offers for $750 million of 6.500% Senior Notes due 2029 and $1 billion of 7.125% Senior Notes due 2032, totaling $1.75 billion in new senior notes [1] - The exchange offers and consent solicitations are linked to the pending acquisition of Mr. Cooper [1] Tender Results - As of the Early Tender Date, $738.34 million (98.45%) of the 2029 Notes and $954.21 million (95.42%) of the 2032 Notes were validly tendered [3][2] Consent and Amendments - Majority Noteholder Consents were received, allowing Nationstar to execute supplemental indentures that eliminate certain covenants and events of default [5][7] - Proposed amendments will not take effect until the company accepts the validly tendered existing notes [8] Timeline and Conditions - The exchange offers will expire on September 2, 2025, unless extended [9] - The settlement date is expected to occur shortly after the expiration date, coinciding with the acquisition's consummation [9] New Rocket Notes - New Rocket Notes will have the same interest rate and maturity date as the existing notes, with interest accruing from the last paid date on the existing notes [12][11] - Eligible holders who tender their existing notes will receive $1,000 principal amount of New Rocket Notes plus cash for any fractional amounts [10] Offering Memorandum - The terms and conditions of the exchange offers are detailed in an Offering Memorandum and Consent Solicitation Statement dated August 4, 2025 [13]