Quicken Loans $2 billion notes offering
Davis Polk advised the representative of the initial purchasers in connection with a Rule 144A/Regulation S offering by Quicken Loans, LLC of $750 million aggregate principal amount of its 3.625% senior notes due 2029 and $1.25 billion aggregate principal amount of its 3.875% senior notes due 2031. Proceeds of the offering will be used to redeem Quicken Loans’ outstanding notes due 2025 and for general corporate purposes.
Founded in 1985 and headquartered in Detroit, Michigan, Quicken Loans is a technology and service-driven residential mortgage lender and servicer, focused on originating agency-conforming and government loans directly to qualified borrowers in all 50 states and selling its loans into the secondary market. Quicken Loans also retains the mortgage servicing rights on the majority of its loan originations and primarily services mortgages for Fannie Mae, Freddie Mac and Ginnie Mae.
The Davis Polk capital markets team included partner Michael Kaplan and associates Angela Park, S. Elizabeth Kim and Wendy Li. The regulatory team included partner Margaret E. Tahyar and associate Eric B. Lewin. The tax team included partner Patrick E. Sigmon and associate Alexander J. Hendin. Partner Pritesh P. Shah and associate Yana Kipnis provided intellectual property advice. All members of the Davis Polk team are based in the New York office.