Realogy driving by with $550 million offering of 8.25-year notes; initial talk mid-5% area

By Paul A. Harris

Portland, Ore., Jan. 5 – Realogy Holdings Corp. plans to price a $550 million offering of senior notes due 2030 (B2/B+) in a Wednesday drive-by, according to market sources.

Initial guidance has the deal coming to yield in the mid-5% area.

J.P. Morgan Securities LLC is leading the offering.

The 8.25-year Rule 144A and Regulation S notes come with 3.25 years of call protection.

The issuing entities will be Realogy Group LLC and Realogy Co-Issuer Corp.

The Adison, N.J.-based real estate services provider plans to use the proceeds plus cash on hand to redeem and retire its 9 3/8% senior notes due 2027.

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