Rocket Companies, Inc 8-K, filed May 2, 2025
Rocket Companies, Inc. (RKT)
8-K
2025-05-02
For: 2025-04-30
View Original
Added on
April 08, 2026
About this 8-K
Rocket Companies, Inc filed this 8-K on May 2, 2025, reporting on events of April 30, 2025.
Items reported
- Item 1.01: Entered into a material agreement
- Item 1.02: Ended a material agreement
- Item 2.03: New debt or off-balance-sheet obligation
UNITED 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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Item 1.01 Entry into Material Definitive Agreement.
On April 30, 2025 (the "Closing Date"), Rocket Mortgage, LLC (the "Company"), a Michigan limited liability company and indirect subsidiary of Rocket Companies, Inc., as borrower, entered into a new Revolving Credit Agreement (the "2025 Credit Agreement") with the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent (the "Administrative Agent"), and the other parties party thereto, with an initial aggregate commitment of $1.15 billion maturing on July 3, 2028, which, upon the satisfaction or waiver of certain conditions (including (i) the consummation of the acquisition of Mr. Cooper Group Inc. ("Mr. Cooper"), (ii) the assumption of all rights and obligations of the Company, as borrower, by Rocket Companies, Inc. as the successor borrower under the 2025 Credit Agreement and (iii) the guaranty by Mr. Cooper, any of Mr. Cooper's subsidiaries, or Redfin Corporation to the extent that they will remain obligors under any senior debt securities), will increase to an aggregate commitment of $2.25 billion.
Proceeds of the borrowings under the 2025 Credit Agreement will be used for general corporate purposes. Borrowings under the 2025 Credit Agreement are unsecured and will bear interest at a rate equal to a base rate (which may include a term SOFR rate) plus an applicable margin. In addition, the 2025 Credit Agreement requires the Borrower to pay a commitment fee (determined based on the Company’s corporate credit rating) in respect of the unused commitments under the 2025 Credit Agreement.
The 2025 Credit Agreement contains certain customary events of default, including in the event of a change of control, and certain covenants and restrictions that limit the Borrower’s and its subsidiaries’ ability to, among other things, incur additional debt; create liens on certain assets; pay dividends on or make distributions in respect of their capital stock or make other restricted payments; consolidate, merge, sell, or otherwise dispose of all or substantially all of their assets; and enter into certain transactions with their affiliates.
The Company is also subject to certain financial maintenance covenants under the 2025 Credit Agreement, which require the Company and its subsidiaries to not exceed specified net leverage and corporate net debt ratios at the end of each fiscal quarter, and to maintain minimum liquidity and tangible net worth.
If the Company fails to perform its obligations under these and other covenants, or should any event of default occur, the revolving loan commitments under the 2025 Credit Agreement may be terminated and any outstanding borrowings, together with accrued interest, under the 2025 Credit Agreement could be declared immediately due and payable.
The foregoing description of the 2025 Credit Agreement does not purport to be complete and is subject to, and qualified in its entirety by reference to the full text of the 2025 Credit Agreement, a copy of which will be filed with the quarterly report on Form 10-Q of Rocket Companies, Inc.
Item 1.02 Termination of a Material Definitive Agreement.
On the Closing Date, the Company terminated the Revolving Credit Agreement, dated as of July 4, 2024 (the "2024 Credit Agreement"), among the Company, the lenders party thereto and JPMorgan Chase Bank, N.A. No early termination penalties or prepayment premium were incurred by the Company in connection with the termination of the 2024 Credit Agreement.
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: May 2, 2025
| ROCKET COMPANIES, INC. | ||||||||||||||
| By: | /s/ Noah Edwards | |||||||||||||
| Name: | Noah Edwards | |||||||||||||
| Title: | Chief Accounting Officer | |||||||||||||