Realogy Launches $1.15 Billion Senior Secured Credit Facilities
Realogy plans to use the proceeds of the new term loan, borrowings under the upsized revolving credit facility and cash on hand to retire approximately $789 million principal amount of its highest-cost debt by year-end 2015. Specifically, the Company intends to pay off $593 million principal amount of 7.625% First Lien Notes and $196 million principal amount of 9.00% First and a Half Lien Notes, plus premiums and accrued and unpaid interest, before year-end 2015. The Company also intends to use cash on hand and revolver borrowings to repay at maturity its $500 million principal amount of 3.375% Senior Notes due in May 2016.
The Company anticipates that the financing will be completed before the end of October 2015. However, there can be no assurance that Realogy will be able to complete the transactions, which are subject to market and other customary conditions.
Комментарии