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Realogy talks $400 million eight-year notes to yield 9½%-9¾%; pricing expected Wednesday
By Paul A. Harris
Portland, Ore., March 27 – Realogy Group LLC talked $400 million of eight-year senior notes (B2) to yield 9½% to 9¾%, according to market sources.
Official talk comes in line with initial guidance in the mid-to-high 9% area.
The Rule 144A and Regulation S offering, which is being managed by J.P. Morgan Securities LLC, is expected to price on Wednesday.
The deal is heard to be riding on reverse inquiry for the full amount of the offer, with sources expecting an upsize.
The notes come with three years of call protection.
Realogy Group is a wholly owned subsidiary of Realogy Holdings Corp., a Madison, N.J.-based real estate services company.
Proceeds will be used to pay down Realogy Holdings' revolving credit facility.
On Feb. 15, the Realogy Holdings drew upon its revolver, using the proceeds with cash on hand to redeem all of its outstanding $450 million 4½% senior notes, which were due to mature in April 2019.
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