CrossCountry Mortgage (CCM) is set to close on a $900 million debt issuance at the end of September to repay its mortgage servicing rights (MSR) line of credit, after the offering came in 50% above the original target.

The 6.50% senior notes, to be issued by parent company CrossCountry Intermediate HoldCo to qualified investors, are due in 2030. They are guaranteed on an unsecured basis, meaning they are not backed by collateral.

Fitch Ratings assigned the notes a BB- rating and reaffirmed a B+ long-term issuer default rating for CCM. The agency said the addition of unsecured debt diversifies the details ⇒

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