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Realogy enters $355 million term A-1 loan at Libor plus 225 bps
By Wendy Van Sickle
Columbus, Ohio, July 22 – Realogy Group LLC’s new $355 million term A-1 loan will bear interest at Libor plus 225 basis points, according to an 8-K filing with the Securities and Exchange Commission.
The margin above Libor is subject to adjustment based on the company’s senior secured leverage ratio. Pricing is consistent with Realogy’s existing pricing on the term A loans.
As previously reported, the company refinanced its existing $1,863,000,000 term loan B with a new $1.1 billion term loan B and added the new $355 million tranche under its term loan A senior secured credit facility on Wednesday.
The company used the proceeds of the refinanced term loan and the new term loan A-1, $225 million borrowed under its senior secured revolving credit facility and some cash on hand to repay the existing term loan B, which was due in March 2020.
The refinanced term loan B matures in July 20, 2022, and the new term loan A-1 matures July 20, 2021.
JPMorgan Chase Bank, NA, BofA Merrill Lynch, Barclays Bank plc, Citizens Bank, NA, Credit Agricole CIB, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and SunTrust Robinson Humphrey, Inc. acted as joint lead arrangers and joint bookrunners for the new term A-1 loans. JPMorgan Chase is the administrative agent.
JPMorgan Chase, BMO Capital Markets Corp., Barclays, Citigroup Global Markets Inc., Credit Agricole, Credit Suisse, Goldman Sachs and SunTrust Robinson Humphrey acted as joint lead arrangers and joint bookrunners for the new term loan B. JPMorgan Chase is the administrative agent.
Realogy is a Madison, N.J.-based real estate company.
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