Rocket Companies’ Quicken Loans to offer $1.25 billion in debt, to pay off existing debt

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Rocket Companies Inc. said Wednesday that its Quicken Loans subsidiaries are planning to offer $1.25 billion in senior notes due 2029 and 2031. The mortgage and financial services company, which went public last month, said it expects to use the proceeds from the debt offerings to pay down all of the $1.25 billion of 5.75% senior notes due 2025. The notes are being offered to qualified institutional buyers. Rocket’s stock rose 5.4% in morning trading. It has rallied 11.5% since it closed at $21.51 on its first day of trading on Aug. 6, while the S&P 500 has edged up 0.8% over the same time.
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