Realogy plans to launch $1.15 billion senior secured credit facilities

By Paul A. Harris

Portland, Ore., Oct. 6 – Realogy Holdings Corp. announced in a Tuesday press release that it intends to put in place $1.15 billion of senior secured credit facilities.

The financing includes an amendment and upsizing of its existing five-year revolver to $750 million.

In addition there is a new $400 million five-year term loan A.

The financing is expected to be completed by the end of October.

Proceeds, along with cash on hand, will be used to retire approximately $789 million of the company’s highest-cost debt by the end of 2015, including the retirement of $593 million of 7 5/8% first-lien notes and $196 million of 9% first-and-a-half-lien notes.

The company also intends to use cash on hand and revolver borrowings to repay $500 million of 3 3/8% senior notes due May 2016 at maturity.

Realogy is a Madison, N.J.-based provider of residential real estate services.

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