MADISON, N.J., July 7, 2016 /PRNewswire/ — Realogy Holdings Corp. (NYSE: RLGY) today announced that it intends to refinance its Term Loan B credit facility to extend its maturity date by two years to 2022.
The Company also has arranged commitments from its bank group for a new Term Loan A tranche with a 2021 maturity date and expected proceeds of $330 million.
Realogy plans to use the net proceeds from the new Term Loan A issuance, borrowings under its revolving credit facility and cash on hand, to reduce its outstanding Term Loan B borrowings by approximately $800 million, from $1.9 billion to $1.1 billion.
The Company anticipates that the financings will be completed by mid-July 2016. However, there can be no assurance that Realogy will be able to complete the transactions, which are subject to market and other customary conditions.
Forward-Looking Statements
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 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, 2015 and its quarterly report on Form 10-Q for the quarterly period ended March 31, 2016.
About Realogy Holdings Corp.
Realogy Holdings Corp. (NYSE: RLGY) is a global leader in residential real estate franchising and brokerage with many of the best-known industry brands including Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, The Corcoran Group®, ERA®, Sotheby’s International Realty® and ZipRealty®. Collectively, Realogy’s franchise system members operate approximately 13,600 offices with more than 257,200 independent sales associates conducting business in 110 countries and territories around the world. NRT LLC, Realogy’s company-owned real estate brokerage, is the largest residential brokerage company in the United States, operates under several of Realogy’s brands and also provides related residential real estate services. Realogy also owns Cartus, a prominent worldwide provider of relocation services to corporate and affinity clients, Title Resource Group (TRG), a leading provider of title, settlement and underwriting services and ZapLabsSM, its innovation and technology development subsidiary. Realogy is headquartered in Madison, New Jersey.
Investor Contacts:
Alicia Swift
(973) 407-4669
alicia.swift@realogy.com
Jennifer Halchak
(973) 407-7487
jennifer.halchak@realogy.com
Media Contact:
Mark Panus
(973) 407-7215
mark.panus@realogy.com
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SOURCE Realogy Holdings Corp.
