Rocket Companies Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation
$RKT
Finance: Consumer Services
Finance
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Item 1.01 Entry into a Material Definitive Agreement.
On May 31, 2024, certain consolidated subsidiaries of Rocket Companies, Inc., including QL Ginnie EBO, LLC, a Delaware limited liability company, as seller ("Seller"), QL Ginnie REO, LLC, a Delaware limited liability company, as REO subsidiary ("REO Subsidiary" and together with Seller, the "Seller Parties"), and Rocket Mortgage, LLC, a Michigan limited liability company, as guarantor (the "Company"), and JPMorgan Chase Bank, National Association, as buyer ("Buyer"), entered into (1) the Amended and Restated Master Repurchase Agreement dated as of May 31, 2024 (the "Amended and Restated MRA"), which amended and restated the terms of the existing Master Repurchase Agreement dated as of December 14, 2017, as amended, by and between the Seller Parties, the Company and the Buyer (the "Master Repurchase Agreement"), (2) the Pricing Side Letter relating to the Transaction Pool (EBO) dated as of May 31, 2024, incorporated by reference into the Amended and Restated MRA (the "EBO PSL") and (3) the Pricing Side Letter relating to the Transaction Pool (New Orig) dated as of May 31, 2024, incorporated by reference into the Amended and Restated MRA (the "New Orig PSL", together with the EBO PSL, the "Pricing Side Letters"). The Amended and Restated MRA and Pricing Side Letters extended the termination date of the Master Repurchase Agreement from May 31, 2024 to May 29, 2026, decreased the facility amount from $1.5 billion to $1.0 billion and effectuated certain other technical changes to the Master Repurchase Agreement.
The foregoing description of the Amended and Restated MRA does not purport to be complete and is subject to, and qualified in its entirety by reference to the full text of the Amended and Restated MRA, a copy of which will be filed with the quarterly report on Form 10-Q of Rocket Companies, Inc. for the period ending June 30, 2024.
Following the execution of the Amended and Restated MRA, as of May 31, 2024, the total funding capacity of the Company, pursuant to all master repurchase agreements, early funding facilities, unsecured lines of credit, MSR lines of credit and early buy out facilities, was $24.8 billion. This figure compares with $24.3 billion as of March 31, 2024 and December 31, 2023.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information contained in Item 1.01 above is hereby incorporated in this Item 2.03 by reference.
SIGNATURES
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: June 3, 2024
| ROCKET COMPANIES, INC. | ||||||||||||||
| By: | /s/ Tina V. John | |||||||||||||
| Name: | Tina V. John | |||||||||||||
| Title: | Executive Legal Counsel and Secretary | |||||||||||||