| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers R > Headlines for Realogy Co-Issuer Corp. > News item |
Realogy upsizes to $550 million, tightens talk on second-lien notes to 7¾% area; pricing Tuesday
By Paul A. Harris
Portland, Ore., June 9 – Realogy Group LLC and Realogy Co-Issuer Corp. upsized their offering of five-year senior secured second-lien notes (B3) to $550 million from $400 million, according to market sources.
The Madison, N.J.-based residential real estate services provider also cut pricing, setting revised yield talk in the 7¾% area. Earlier talk was 8% to 8¼%, well inside of initial guidance in the high 8% area.
Demand for the notes was heard to be well over two-times the original $400 million deal size late Monday, according to a bond trader.
The Rule 144A and Regulation S for life notes are set to price on Tuesday.
J.P. Morgan Securities LLC, Barclays, BofA Securities Inc., Capital One Securities Inc., Citizens Capital Markets Inc., Credit Agricole CIB, Goldman Sachs & Co. LLC, SunTrust Robinson Humphrey Inc., BMO Capital Markets Corp., Scotia Capital (USA) Inc., TD Securities (USA) LLC, Santander Investment Securities Inc. and Credit Suisse Securities (USA) LLC are the joint bookrunners.
The notes come with two years of call protection.
Realogy plans to use the proceeds to redeem a portion of its 5¼% senior notes due December 2021.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.