Realogy launches change-of-control offer for floaters due 2009, 6.15% notes, 6½% notes

By Jennifer Chiou

New York, May 10 - Realogy Corp. announced the start of a change-of-control offer for any and all of its $250 million of floating-rate senior notes due 2009, $450 million of 6.15% senior notes due 2011 and $500 million of 6½% senior notes due 2016.

The offer is required under the note indentures following a change-of-control triggering event on April 10 as a result of Realogy's merger with an affiliate of Apollo Management, LP as well as the notes receiving lower ratings of below investment grade by both Moody's Investors Service and Standard & Poor's in March.

The Parsippany, N.J., real estate franchisor said it will buy the notes at par plus accrued interest up to the July 9 payment date.

The offer ends at 10 a.m. ET on July 3.

Wells Fargo Bank, NA is the depositary (213 614-2588).

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