Realogy Announces Proposed Offering Of Additional Senior Notes
Realogy Holdings Corp. (NYSE: RLGY) announced a proposed private offering of $200 million in 5.750% senior notes due 2029. The offering, exempt from registration under the Securities Act, aims to repay part of its term loan B facility. The notes will be guaranteed by Realogy Group's domestic subsidiaries and effectively subordinated to existing secured debts. The application of proceeds may change, potentially repaying other debts. The notes will only be offered to qualified institutional buyers or outside the U.S. This announcement follows similar notes issued earlier in January 2021.
- Proposed offering of $200 million in senior notes strengthens capital structure.
- Funds from the offering aim to reduce existing indebtedness, potentially improving financial stability.
- Offering may increase overall debt load if not effectively managed.
- Notes are subordinated to existing secure debts, indicating higher risk for investors.
MADISON, N.J., Feb. 2, 2021 /PRNewswire/ -- Realogy Holdings Corp. (NYSE: RLGY) (the "Company") announced today that its indirect, wholly-owned subsidiary, Realogy Group LLC ("Realogy Group"), together with a co-issuer, is proposing to issue, subject to market and other conditions,
The Company currently intends to use the net proceeds from this offering to repay a portion of the outstanding borrowings under its term loan B credit facility. The application of the net proceeds from the offering is subject to change, and the Company may elect to apply all or a portion of such proceeds to repay other indebtedness.
The Notes and the related guarantees will not be registered under the Securities Act or any state securities law and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and applicable state securities laws. The Notes and the related guarantees will be offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A of the Securities Act and outside the United States under Regulation S of the Securities Act.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sales of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This press release is being issued pursuant to and in accordance with Rule 135(c) under the Securities Act.
About Realogy Holdings Corp.
Realogy Holdings Corp. (NYSE: RLGY) is the leading and most integrated provider of U.S. residential real estate services, encompassing franchise, brokerage, relocation, and title and settlement businesses as well as a mortgage joint venture. Realogy's diverse brand portfolio includes some of the most recognized names in real estate: Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, Corcoran®, ERA®, and Sotheby's International Realty®. Using innovative technology, data and marketing products, best-in-class learning and support services, and high-quality lead generation programs, Realogy fuels the productivity of independent sales agents, helping them build stronger businesses and best serve today's consumers. Realogy's affiliated brokerages operate around the world with approximately 189,000 independent sales agents in the United States and more than 129,000 independent sales agents in 114 other countries and territories. Recognized for nine consecutive years as one of the World's Most Ethical Companies, Realogy has also been designated a Great Place to Work three years in a row and one of Forbes' Best Employers for Diversity. Realogy is headquartered in Madison, New Jersey.
Forward Looking Statements
Certain statements in this press release, including statements relating to the offering of the Notes and the anticipated use of net proceeds therefrom, constitute "forward-looking statements." Statements preceded by, followed by or that otherwise include the words "believes", "expects", "anticipates", "intends", "projects", "estimates", "plans" and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts. Any statements that refer to expectations or other characterizations of future events, circumstances or results are forward-looking statements. These statements are subject to significant risks and uncertainties, including, without limitation, risks and uncertainties related to economic, market or business conditions and satisfaction of customary closing conditions related to the private offering. No assurance can be given that the offering of Notes discussed above will be consummated on the terms described or at all. Except for our ongoing obligations to disclose material information under the federal securities laws, we undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless we are required to do so by law.
View original content to download multimedia:http://www.prnewswire.com/news-releases/realogy-announces-proposed-offering-of-additional-senior-notes-301220127.html
SOURCE Realogy Holdings Corp.
FAQ
What is Realogy's proposed offering of senior notes?
How will Realogy use the proceeds from the senior notes offering?
When was Realogy's last issuance of senior notes?
What are the risks associated with Realogy's proposed senior notes?
