Realogy driving by with $400 million eight-year senior notes; initial talk low-to-mid 6% area

By Paul A. Harris

Portland, Ore., Jan. 6 – Realogy Holdings Corp. plans to price a $400 million offering of eight-year senior notes (Caa1/B-) in a Wednesday drive-by, according to market sources.

Initial guidance has the Rule 144A and Regulation S deal coming to yield in the low-to-mid 6% area, a trader said.

J.P. Morgan Securities LLC is the lead.

The notes come with three years of call protection.

The issuing entity will be Realogy Group LLC, a wholly owned subsidiary of Realogy Holdings.

The Madison N.J.-based provider of residential real estate services plans to use the proceeds to pay down bank debt under its term loan A and term loan B. Part of the proceeds may be used to repay other debt.

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