CCM parent to sell $750 million in senior notes

CrossCountry Intermediate HoldCo, the direct parent of CrossCountry Mortgage (CCM), has priced an upsized offering of $750 million in senior notes due in 2031 as it refinances mortgage servicing rights (MSR) facilities tied to its growth plans. The offering came in 50% higher than previously expected.The 7.75% senior notes will be issued on a senior unsecured basis and guaranteed by CCM and any future wholly owned domestic restricted subsidiaries that guarantee material corporate debt, the company said Tuesday. The transaction is expected to close on or about Aug. 12, subject to customary closing conditions.“The Company expects to use the net proceeds from the offering to repay a portion of the amounts outstanding under CCM’s mortgage servicing rights line of credit and to pay related fees and expenses,” the company said in the announcement. As previously reported by HousingWire, CCM was expected to issue $500 million in senior unsecured notes as the closing of Two Harbors Investment Corp.’s sale to CCM approached. Fitch Ratings expects to rate that issuance at “BB-(EXP)” and said proceeds would likely repay MSR-backed facilities drawn to fund the $1.26 billion Two Harbors transact...