United Wholesale Mortgage, whose share price has been bearish as of late, has announced that it plans to sell $700 million worth of debt via a private offering.
In a statement, UWM said it intends to use the net proceeds from the senior notes, which are due 2029, “to repay amounts outstanding under its MSR Facility and the remainder for general corporate purposes.”
The sale has commenced, according to the firm’s press release. However, UWM did not identify the buyers nor the yield.
Read more: United Wholesale Mortgage reveals broker response to ultimatum
The mortgage lender’s stock price has plunged approximately 40% after going public in January. As of March 30, UWM was trading at $7.80 per unit.