CCM to issue $500M in senior notes as Two Harbors deal nears closing

Key facts

• CrossCountry Intermediate Holdco (CCM) plans to issue $500 million in senior unsecured notes.
• The acquisition of Two Harbors Investment Corp. by CCM is nearing its projected August closing.
• Fitch Ratings expects to rate the issuance at ‘BB-(EXP)’.
• Corporate leverage is projected to increase post-acquisition.
• The notes are senior unsecured.

CrossCountry Intermediate Holdco (CCM) is set to issue $500 million in senior unsecured notes. The issuance is planned as the acquisition of Two Harbors Investment Corp. by CCM approaches its anticipated closing date in August. Fitch Ratings has provided an expected rating of 'BB-(EXP)' for the senior notes. The rating agency forecasts that CCM's corporate leverage will rise after the acquisition is finalized. This financial maneuver by CCM is a key step in integrating Two Harbors Investment Corp. into its operations, with the deal's completion expected next month.