CCM parent prices $750M in senior notes as Two Harbors deal nears

Key facts

• CrossCountry Intermediate HoldCo priced an offering of senior notes.
• The offering was for $750 million in senior notes due 2031.
• The proceeds will refinance mortgage servicing rights facilities.
• The funds will support the company's growth plans.
• The company plans to acquire Two Harbors Investment Corp.
• The acquisition of Two Harbors Investment Corp. is expected to close in August.

CrossCountry Intermediate HoldCo, the parent company of CCM, has successfully priced an upsized offering of $750 million in senior notes. These notes are due in 2031, indicating a long-term financing strategy. The primary purpose of this offering is to refinance existing mortgage servicing rights (MSR) facilities. These facilities are crucial for supporting the company's ongoing growth plans. A significant component of these growth initiatives is the planned acquisition of Two Harbors Investment Corp. This acquisition is expected to be finalized and close in August. The refinancing and acquisition strategy aims to bolster CrossCountry's financial structure and expand its operational footprint in the mortgage servicing sector. The upsized nature of the note offering suggests strong investor demand and confidence in the company's future prospects and its strategic direction, particularly concerning the integration of Two Harbors Investment Corp.