Realogy Completes Repricing Of $1.9 Billion Term Loan
MADISON, N.J. - March 10, 2014 /PRNewswire - Realogy Holdings Corp. (NYSE: RLGY) today announced that its indirect, wholly-owned subsidiary, Realogy Group LLC, has completed the repricing of its $1.9 billion term loan under its senior secured credit agreement through a refinancing of the existing term loan with a new term loan.
The interest rate under the new term loan is 75 basis points* lower than the rate under the previous term loan and Realogy expects to reduce its annual cash interest expense by approximately $14 million.
The interest rate with respect to the new term loan is adjusted LIBOR plus a 3.00% margin (with a floor of 0.75%) or ABR plus 2.00% (with an ABR floor of 1.75%), representing a 50 basis point reduction in the margin and a 25 basis point reduction in the floor. The maturity date for the new term loan remains March 5, 2020, and all other material provisions under the senior secured credit agreement remain unchanged.
*Assumes LIBOR remains under 0.75%.
Realogy Holdings Corp. (NYSE: RLGY) is a global leader in residential real estate franchising with company-owned residential real estate brokerage operations doing business under its franchise systems as well as relocation and title services. Realogy's brands and business units include Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, The Corcoran Group®, ERA®, Sotheby's International Realty®, NRT LLC, Cartus and Title Resource Group. Collectively, Realogy's franchise system members operate approximately 13,700 offices with 247,800 independent sales associates doing business in 103 countries around the world. Realogy is headquartered in Madison, N.J.
SOURCE Realogy Holdings Corp.