Kirkland Advises Oaktree Capital Management on $2.05 Billion Strategic Capital Partnership with the Ishbia Family and UWM Holdings Corporation
Kirkland & Ellis represented Oaktree Capital Management on its entry into a $2.05 billion strategic capital partnership with the Ishbia Family via their new family investment vehicle, SFS Group Capital, LLC, to fortify United Wholesale Mortgage’s (UWM) balance sheet and position it for continued long-term success. The initial investment was made in the form of preferred equity together with warrants and includes a recalibration of UWM’s common dividend to prioritize debt reduction and balance-sheet strength. UWM Holdings Corporation (NYSE: UWMC), the publicly traded indirect parent of UWM, also intends to launch a $400 million rights offering to class A shareholders, with the direct support of the Ishbia Family and Oaktree. The transaction represents a proactive step by UWM to add permanent capital and financial flexibility while continuing to execute from its position as the nation's leading mortgage lender.
Read the transaction press release
The Kirkland team included capital markets lawyers Sophia Hudson, Asher Qazi, AJ Brown, Jacqueline Cloutier and Sean Choi; corporate lawyers Hamed Meshki, Michele Cumpston, Madisson Goorman, Ellen Jeong and Mary Ramzy; debt finance lawyers Paul Rezvani, Emerson Almeida and Wenny Shen; tax lawyers Mike Beinus and Vivek Ratnam; and investment funds ERISA lawyer Sabrina Glaser.
