Form 8-K Rocket Companies, Inc. For: Aug 11
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E-mailUNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 | ||||||||
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CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 Entry into Material Definitive Agreement.
On August 11, 2022, Rocket Mortgage, LLC (the “Company”), a Michigan limited liability company and indirect subsidiary of Rocket Companies, Inc., as Seller, and JPMorgan Chase Bank, N.A., as a Buyer and as Administrative Agent for the Buyers from time to time party thereto (the "Bank"), entered into a First Amended and Restated Master Repurchase Agreement (the "MRA Amendment") and a related side letter. The MRA Amendment amended and restated in its entirety that certain Master Repurchase Agreement among the Company and the Bank, dated May 2, 2013 (as amended through the date hereof, the "Master Repurchase Agreement"). The MRA Amendment extended the termination date of the Master Repurchase Agreement from April 21, 2023 to August 9, 2024 and effectuated certain other technical changes to the Master Repurchase Agreement. The side letter to the MRA Amendment also decreased the facility amount from $2.25 billion to $2.0 billion.
The foregoing description of the MRA Amendment does not purport to be complete and is subject to, and qualified in its entirety by reference to the full text of the MRA Amendment, a copy of which will be filed with the quarterly report on Form 10-Q of Rocket Companies, Inc. for the period ending September 30, 2022.
Following the execution of the MRA Amendment and the side letter, as of August 11, 2022, the total funding capacity of the Company, including pursuant to all master repurchase agreements, early funding facilities, unsecured lines of credit, MSR lines of credit and early buy out facilities, was decreased to $29.4 billion. This figure compares with $29.6 billion and $33.5 billion as of June 30, 2022 and March 31, 2022, respectively.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information contained under 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: August 12, 2022
| ROCKET COMPANIES, INC. | ||||||||||||||
| By: | /s/ Julie Booth | |||||||||||||
| Name: | Julie Booth | |||||||||||||
| Title: | Chief Financial Officer and Treasurer | |||||||||||||
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