{"id":63759,"date":"2026-08-11T03:00:36","date_gmt":"2026-08-11T01:00:36","guid":{"rendered":"https:\/\/housesmarketplace.com\/ccm-to-issue-500m-in-senior-notes-as-two-harbors-deal-nears-closing\/"},"modified":"2026-08-11T03:00:36","modified_gmt":"2026-08-11T01:00:36","slug":"ccm-to-issue-500m-in-senior-notes-as-two-harbors-deal-nears-closing","status":"publish","type":"post","link":"https:\/\/housesmarketplace.com\/ru\/ccm-to-issue-500m-in-senior-notes-as-two-harbors-deal-nears-closing\/","title":{"rendered":"CCM to issue $500M in senior notes as Two Harbors deal nears closing"},"content":{"rendered":"
\n

CrossCountry Intermediate Holdco<\/strong> (CCM) is expected to issue $500 million of senior unsecured notes, coinciding with the projected August closing of its Two Harbors Investment Corp<\/strong>. \u043f\u0440\u0438\u043e\u0431\u0440\u0435\u0442\u0435\u043d\u0438\u0435<\/a>.<\/p>\n

\u0420\u0435\u0439\u0442\u0438\u043d\u0433\u0438 Fitch <\/strong>said it expects to rate the issuance at \u2018BB-(EXP)\u2019, ranking pari passu with existing senior unsecured \u0434\u043e\u043b\u0433<\/a>. Proceeds are expected to be used to repay mortgage servicing rights (MSR)-backed facilities that will be drawn to fund the transaction.<\/p>\n

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.<\/p>\n

\u201cHowever, retained \u0437\u0430\u0440\u0430\u0431\u043e\u0442\u043e\u043a<\/a> growth should reduce leverage toward the company\u2019s 1.0x target over the medium term,\u201d Fitch said. \u201cNegative rating action could result from an inability to reduce corporate leverage to 1.5x or below over the rating outlook horizon.\u201d<\/p>\n

Analysts expected CCM<\/a> to raise debt to proceed with the Two Harbors deal, valued at $1.26 billion, flagging rising leverage as an integration challenge as well as the complex task of bringing a large servicing portfolio in-house.<\/p>\n

A shift from secured to unsecured debt, however, is viewed as credit positive because it frees up collateral and strengthens liquidity, analysts added.<\/p>\n

CCM told \u0416\u0438\u043b\u044c\u0435\u041f\u0440\u043e\u0432\u043e\u043b\u043e\u043a\u0430 <\/strong>previously that \u201cwhile leverage<\/a> will temporarily increase following the transaction, it\u2019s important to view that in the context of a significantly larger and more cash-generative business.\u201d<\/p>\n

\u201cThe combined company will benefit from substantially higher recurring servicing cash flows, a larger MSR portfolio and meaningful synergy opportunities, all of which support rapid deleveraging over time,\u201d the company added. <\/p>\n

Two Harbors will bring a $159 billion portfolio to CCM\u2019s $202 billion as of the first quarter, according to Inside Mortgage Finance. The deal pushes the lender from the No. 15 spot to No. 8 among the largest servicers by owned portfolios.<\/p>\n

According to Fitch, Two Harbors will further enhance CCM\u2019s business profile by growing its servicing portfolio and enabling more profitable in-house servicing through RoundPoint Mortgage Servicing LLC<\/strong>, which Two Harbors acquired in 2023.<\/p>\n

\u201cCCM\u2019s ratings reflect its growing distributed retail franchise, conservative debt usage, solid profitability, adequate liquidity, limited asset quality risks and well-executed growth strategy,\u201d Fitch analysts said.<\/p>\n

Earlier this month, Two Harbors said it had secured required state and agency approvals<\/a> from all but one state for its planned sale to CCM.<\/p>\n

This article was written by Fl\u00e1via Furlan Nunes and generated with the assistance of HousingWire Automation, then reviewed by a HousingWire editor before publication.<\/em><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

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 \u2018BB-(EXP)\u2019, ranking pari passu with existing senior unsecured debt. Proceeds are expected to be used to repay mortgage […]<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-63759","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nCCM to issue $500M in senior notes as Two Harbors deal nears closing - Houses Marketplace<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/housesmarketplace.com\/ru\/ccm-to-issue-500m-in-senior-notes-as-two-harbors-deal-nears-closing\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CCM to issue $500M in senior notes as Two Harbors deal nears closing\" \/>\n<meta property=\"og:description\" content=\"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. 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