UWM Holdings Corp. Enters Material Definitive Agreement
Ticker: UWMC · Form: 8-K · Filed: 2024-12-06T00:00:00.000Z
Sentiment: neutral
Topics: material-definitive-agreement, financial-obligation
TL;DR
UWM Holdings Corp. just signed a big deal, likely involving debt. Keep an eye on this.
AI Summary
On December 5, 2024, UWM Holdings Corp. entered into a material definitive agreement related to a direct financial obligation. The company, previously known as Gores Holdings IV, Inc., is incorporated in Delaware and headquartered in Pontiac, Michigan.
Why It Matters
This filing indicates a significant financial event for UWM Holdings Corp., potentially impacting its debt structure or financial obligations.
Risk Assessment
Risk Level: medium — Material definitive agreements and new financial obligations can introduce financial risks and affect a company's balance sheet.
Key Players & Entities
- UWM Holdings Corp. (company) — Registrant
- December 5, 2024 (date) — Date of earliest event reported
- Gores Holdings IV, Inc. (company) — Former company name
- Delaware (jurisdiction) — State of incorporation
- Pontiac, Michigan (location) — Business address
FAQ
What type of material definitive agreement did UWM Holdings Corp. enter into?
The filing states that UWM Holdings Corp. entered into a material definitive agreement related to a direct financial obligation or an obligation under an off-balance sheet arrangement.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on December 5, 2024.
What was UWM Holdings Corp.'s former company name?
UWM Holdings Corp.'s former company name was Gores Holdings IV, Inc.
In which state is UWM Holdings Corp. incorporated?
UWM Holdings Corp. is incorporated in Delaware.
What is the business address of UWM Holdings Corp.?
The business address of UWM Holdings Corp. is 585 South Boulevard E., Pontiac, Michigan.
Filing Stats: 724 words · 3 min read · ~2 pages · Grade level 10.7 · Accepted 2024-12-06 16:05:51
Key Financial Figures
- $0.0001 — stered Class A Common Stock, par value $0.0001 per share UWMC New York Stock Exchange
- $11.50 — A Common Stock at an exercise price of $11.50 UWMCWS New York Stock Exchange Indica
- $800 million — Agreement, UWM Holdings agreed to sell $800 million aggregate principal amount of 6.625% se
- $500 million — uncing UWM Holdings' intention to offer $500 million aggregate principal amount of Notes. A
Filing Documents
- xbrl-20241205.htm (8-K) — 38KB
- exhibit1025uwmc-december20.htm (EX-10.25) — 255KB
- exhibit991uwmc-launchpress.htm (EX-99.1) — 10KB
- exhibit992uwmc-pricingpres.htm (EX-99.2) — 10KB
- image_0.jpg (GRAPHIC) — 36KB
- image_01.jpg (GRAPHIC) — 36KB
- pricinga.jpg (GRAPHIC) — 1KB
- 0001783398-24-000048.txt ( ) — 631KB
- xbrl-20241205.xsd (EX-101.SCH) — 2KB
- xbrl-20241205_def.xml (EX-101.DEF) — 15KB
- xbrl-20241205_lab.xml (EX-101.LAB) — 27KB
- xbrl-20241205_pre.xml (EX-101.PRE) — 16KB
- xbrl-20241205_htm.xml (XML) — 4KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On December 5, 2024, UWM Holdings Corporation's direct subsidiary, UWM Holdings, LLC ("UWM Holdings"), entered into a Purchase Agreement (the "Purchase Agreement") with J.P. Morgan Securities LLC., as representative of the several initial purchasers named therein. Pursuant to the Purchase Agreement, UWM Holdings agreed to sell $800 million aggregate principal amount of 6.625% senior unsecured notes due 2030 (the "Notes"). The Notes will be guaranteed on a senior unsecured basis by UWM Holdings' wholly-owned subsidiary, United Wholesale Mortgage, LLC ("United Wholesale Mortgage"), and will rank pari passu in right of payment with United Wholesale Mortgage's exist ing senior unsecured notes by virtue of such guarantee. UWM Holdings expects the closing of the Notes to occur on December 10, 2024. UWM Holdings intends to use the net proceeds to pay down outstanding amounts on United Wholesale Mortgage's MSR facilities and for general corporate purposes. The Purchase Agreement contains customary representations, warranties, conditions to closing, indemnification rights and obligations of the parties. Certain of the initial purchasers and their affiliates have engaged, and may in the future engage, in investment banking, commercial banking and other financial advisory and commercial dealings with UWM Holdings and its affiliates. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth under Item 1.01 is incorporated by reference herein.
01 Other Events
Item 8.01 Other Events. On December 5, 2024, UWM Holdings Corporation issued a press release announcing UWM Holdings' intention to offer $500 million aggregate principal amount of Notes. A copy of the press release is filed herewith as Exhibit 99.1. On December 5, 2024, UWM Holdings Corporation issued a press release announcing the pricing of UWM Holdings' upsized offering of $800 million aggregate principal amount of Notes. A copy of the press release is filed herewith as Exhibit 99.2.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.25 Purchase Agreement, dated December 5, 2024, among UWM Holdings, LLC and J.P. Morgan Securities LLC, as representative of the several initial purchasers listed on Schedule A thereto. 99.1 Press release issued by UWM Holdings Corporation on December 5, 2024. 99.2 Press release issued by UWM Holdings Corporation on December 5, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: December 5, 2024 UWM HOLDINGS CORPORATION By: /s/ Andrew Hubacker Name: Andrew Hubacker Title: Executive Vice President, Chief Financial Officer and Chief Accounting Officer