Realogy to price $400 million eight-year notes on Wednesday; initial guidance mid-to-high 9% area

By Paul A. Harris

Portland, Ore., March 25 – Realogy Group LLC is expected to price $400 million of eight-year senior notes on Wednesday, according to market sources.

Initial guidance is in the mid-to-high 9% area, a trader said.

J.P. Morgan Securities LLC is leading the Rule 144A and Regulation S offering.

The notes come with three years of call protection.

Realogy Group is a wholly owned subsidiary of Realogy Holdings Corp., a Madison, N.J.-based real estate services company.

Proceeds will be used to pay down Realogy Holdings' revolving credit facility.

On Feb. 15, the Realogy Holdings drew upon its revolving credit facility, using the proceeds with cash on hand to redeem all of its outstanding $450 million 4½% senior notes, which were due to mature in April 2019.

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