By Paul A. Harris
Portland, Ore., March 27 – Realogy Group LLC priced an upsized $550 million issue of eight-year senior notes (B2) at par to yield 9 3/8% on Wednesday, according to market sources.
The yield printed 12.5 basis points beneath the tight end of the 9½% to 9¾% yield talk, which had come in line with initial guidance in the mid-to-high 9% area.
J.P. Morgan Securities LLC managed the sale.
The deal was driven to market on reverse inquiry for the full amount of the offer, sources said.
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, which was used to help fund the redemption of all of its outstanding $450 million 4½% senior notes due April 2019.
Following the paydown, Realogy Holdings' revolver will be sized at $410 million.
| Issuer: | Realogy Group LLC
|
| Amount: | $550 million, increased from $400 million
|
| Tenor: | Eight years
|
| Securities: | Senior notes
|
| Bookrunner: | J.P. Morgan Securities LLC
|
| Coupon: | 9 3/8%
|
| Price: | Par
|
| Yield: | 9 3/8%
|
| Call protection: | Three years
|
| Trade date: | March 27
|
| Settlement date: | March 29
|
| Rating: | Moody's: B2
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 9½% to 9¾%
|
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