CrossCountry Mortgage Announces $900 Million Pricing for Senior Notes Offering Due 2030

CrossCountry Mortgage Pricing Update

CrossCountry Mortgage, LLC (CCM), recognized as the leading distributed-retail mortgage lender in the United States, recently announced a significant financial move aimed at strengthening its operations. The company disclosed that its parent entity, CrossCountry Intermediate HoldCo, LLC, has successfully priced an upsized offering of $900 million in aggregate principal amount of 6.500% senior notes due in 2030.

This strategic financing instrument plays a crucial role in CCM's ongoing efforts to enhance its balance sheet and facilitate operational growth. The notes will carry guarantees on a senior unsecured basis, not just from CCM but also from any future wholly-owned domestic restricted subsidiary of the Company that may guarantee any substantial corporate indebtedness. A notable exception may apply, but the core aim remains to fortify the company's financial standing.

The expected closing for this offering is slated for September 30, 2025, contingent on meeting standard closing conditions. This step is anticipated to contribute positively to CCM's capital structure, allowing the company to manage its financing more effectively.

CrossCountry plans to utilize the net proceeds from this offering judiciously, as they aim to pay down a portion of existing amounts owed under its mortgage servicing rights line of credit. Additionally, funds will assist in covering related fees and expenses tied to this undertaking, positioning the company for more robust fiscal health.

It’s important to highlight that the senior notes and corresponding guarantees are being offered exclusively to qualified institutional buyers, adhering to Rule 144A under the Securities Act of 1933. Moreover, transactions involving these notes will also involve non-U.S. persons as per Regulation S under the same act, thus conforming to legal requirements surrounding the sale of securities.

Since these notes and related guarantees will not be registered under the Securities Act or any equivalent securities laws, they cannot be offered or sold in the United States, unless a relevant exemption from registration is met. This statement serves not only as a disclosure of the offering but also emphasizes the regulatory measures involved to protect investors and maintain market integrity.

Forward-Looking Statements

The press release issued by CrossCountry Mortgage should be approached with a firm understanding of its forward-looking statements. Such statements may encompass terms like “expect,” “anticipate,” and “believe,” indicating expectations regarding the offering and utilization of proceeds. However, CCM is candid in its acknowledgment of uncertainties and risks that could affect actual outcomes. It is critical for investors and stakeholders to comprehend these factors that might lead to results diverging from presented projections.

About CrossCountry Mortgage

As the number one distributed-retail mortgage lender in the country, CrossCountry Mortgage employs approximately 7,500 professionals operating across 960 retail branches. Its services stretch through all 50 states, Washington, D.C., and Puerto Rico. The company has been nationally recognized on the Inc. 5000 list for its rapid growth and has earned accolades for its exemplary workplace culture.

With a diverse portfolio of over 120 mortgage, refinance, and home equity solutions, CCM caters to a wide range of customers, including those seeking conventional loans, jumbo mortgages, government-backed FHA financing, and products tailored for veterans and rural homebuyers. This strategic breadth ensures CCM is well-equipped to address various consumer needs while maintaining its position as a direct lender approved by major agencies like Freddie Mac, Fannie Mae, and Ginnie Mae.

In conclusion, CCM’s latest financial maneuvers reflect its commitment to fortifying its operational framework while emphasizing transparency and compliance in its engagements. As the company moves forward, maintaining an agile and resilient structure will be pivotal in navigating the dynamic landscape of the mortgage lending industry.