CrossCountry Intermediate Holdco (CCM) is expected to issue $500 million of senior unsecured notes, coinciding with the projected August closing of its Two Harbors Investment Corp. acquisition.
Fitch Ratings said it expects to rate the issuance at ‘BB-(EXP)’, ranking pari passu with existing senior unsecured debt. Proceeds are expected to be used to repay mortgage servicing rights (MSR)-backed facilities that will be drawn to fund the transaction.
The credit ratings agency estimates corporate leverage for CCM will increase to 2.4x after the acquisition, up from 1.2x in the second quarter of 2026 and exceeding its downgrade trigger of 1.5x.
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