Realogy Announces Intent To Refinance Its Senior Secured Credit Facilities And Extend Maturity Dates
January 17, 2018
MADISON, N.J., Jan. 17, 2018 /PRNewswire/ -- Realogy Holdings Corp. (NYSE: RLGY) today announced that it intends to refinance and extend the maturities of its Senior Secured Credit Facilities.
Specifically, the Company will look to make the following changes:
- Upsize its Revolving Credit Facility by $350 million to a $1.4 billion total facility, and extend its maturity by three years to January 2023;
- Combine its existing two tranches of Term Loan A into a new single tranche of $750 million, and extend the current maturities to January 2023; and
- Extend the maturity of its approximately $1.1 billion Term Loan B by three years to January 2025.
Realogy anticipates that the transactions will be completed by early February 2018. However, there can be no assurance that Realogy will be able to complete the transactions, which are subject to market and other customary conditions.
About Realogy Holdings Corp.
Realogy Holdings Corp. (NYSE: RLGY) is a leading provider of residential real estate services that is focused on empowering independent sales agents to best serve today's consumers. Realogy delivers its services through its well-known industry brands including Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, Corcoran®, ERA®, Sotheby's International Realty® as well as NRT, Cartus, Title Resource Group and ZapLabs, an in-house innovation and technology development lab. Realogy's fully integrated business model includes brokerage, franchising, relocation, mortgage and, title and settlement services. Realogy provides independent sales agents access to leading technology, best-in-class marketing and learning programs, and support services to help them become more productive and build stronger businesses. Realogy's affiliated brokerages operate around the world with approximately 192,600 independent sales agents in the United States and approximately 94,000 independent sales agents in more than 100 other countries and territories. Realogy is headquartered in Madison, New Jersey.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include, but are not limited to, statements related to the proposed maturity extensions, any other amendments to the Senior Secured Credit Facilities and the proposed increase of our revolving credit facility and our expectation that we will close the transactions by early February 2018. These forward-looking statements involve known and unknown risks, uncertainties and other factors discussed in Realogy's filings with the SEC. Any forward-looking statements speak only as of the date of this press release and, except to the extent required by applicable securities laws, Realogy expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. For additional information concerning risks, uncertainties and other factors that may cause actual results to differ from those anticipated in the forward-looking statements, and risks to our business in general, please refer to Realogy Holdings Corp.'s SEC filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2016 and its quarterly report on Form 10-Q for the quarterly period ended September 30, 2017.