Published on 11/14/2014 in the Prospect News High Yield Daily.
New Issue: Realogy prices $300 million seven-year notes at par to yield 5¼%
By Paul A. Harris
Portland, Ore., Nov. 14 – Realogy Group LLC, an indirect, wholly owned subsidiary of Realogy Holdings Corp., priced a $300 million issue of seven-year senior notes (Caa1/B) at par to yield 5¼% in a quick-to-market Friday transaction, according to a market source.
The yield printed at the tight end of the 5¼% to 5 3/8% yield talk.
J.P. Morgan Securities LLC, Goldman Sachs & Co., Barclays, Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Credit Agricole CIB and Wells Fargo Securities LLC were the joint bookrunners.
The Madison, N.J., residential real estate services provider plans to use the proceeds, together with cash on hand, to redeem all of the its approximately $332 million of outstanding 7 7/8% senior secured notes due 2019.
| Issuer: | Realogy Group LLC, an indirect, wholly owned subsidiary of Realogy Holdings Corp.
|
| Amount: | $300 million
|
| Maturity: | Dec. 1, 2021
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Goldman Sachs & Co., Barclays, Credit Suisse Securities (USA) LLC, Citigroup Global Markets, Credit Agricole CIB and Wells Fargo Securities Inc.
|
| Coupon: | 5¼%
|
| Price: | Par
|
| Yield: | 5¼%
|
| Call protection: | Three years
|
| Trade date: | Nov. 14
|
| Settlement date: | Nov. 21
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5¼% to 5 3/8%
|
| Marketing: | Quick to market
|
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