By Paul A. Harris
Portland, Ore., May 26 – Realogy Holdings Corp. priced a $500 million issue of non-callable 4 7/8% seven-year senior notes (Ba3/BB-) at 99.269 to yield 5% on Thursday, according to a market source.
The yield printed on top of yield talk that had been fixed in the 5% area, which was also the initial yield guidance on the quick-to-market deal.
JP Morgan Securities LLC, Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. were the joint bookrunners.
The Madison, N.J.-based residential real estate franchising and brokerage services provider plans to use the proceeds to reduce outstanding borrowings under its revolving credit facility, with the remaining proceeds to be used for general corporate purposes, which may include additional debt transactions.
| Issuer: | Realogy Holdings Corp.
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| Securities: | Senior notes
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| Face amount: | $500 million
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| Proceeds: | $496,345,000
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| Maturity: | June 1, 2023
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| Bookrunners: | JP Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co.
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| Coupon: | 4 7/8%
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| Price: | 99.269
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| Yield: | 5%
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| Spread: | 365 bps
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| Call protection: | Non-callable
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| Trade date: | May 26
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| Settlement date: | June 1
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| Ratings: | Moody’s: Ba3
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| Standard & Poor’s: BB-
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| Distribution: | Rule 144A for life
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| Price talk: | 5% area
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| Marketing: | Quick to market
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