Realogy Holdings Corp. recently announced that its indirect, wholly-owned subsidiary, Realogy Group LLC (“Realogy Group”), together with a co-issuer, is proposing to issue, subject to market and other conditions, $400 million aggregate principal amount of senior notes due 2029 in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”).
The notes will be guaranteed on an unsecured senior basis by each of Realogy Group’s domestic subsidiaries (other than the co-issuer of the notes) that is a guarantor under its senior secured credit facilities and certain of its outstanding securities. The notes will also be guaranteed by the company on an unsecured senior subordinated basis. The notes will be effectively subordinated to all of Realogy Group’s existing and future senior secured debt, including its senior secured credit facilities, to the extent of the value of the assets securing such debt.
The company currently intends to use the net proceeds from this offering to repay a portion of the outstanding borrowings under its term loan A credit facility and apply the remaining net proceeds to repay a portion of the outstanding borrowings under its term loan B credit facility. The allocation of the net proceeds from the offering is subject to change, and the company may elect to change the allocation of such proceeds between the term loan A and B credit facilities and/or apply all or a portion of such proceeds to repay other indebtedness.
For more information, please visit www.realogy.com.
