MADISON, N.J., Jan. 23, 2017 /PRNewswire/ -- Realogy Holdings Corp. (NYSE: RLGY) today announced that it has completed the repricing of its existing approximately $1.1 billion Term Loan B under its Senior Secured Credit Facility through a refinancing of the existing term loan with a new term loan. In conjunction, the Company also increased the borrowing capacity of its Revolving Credit Facility to $1.050 billion, from the existing $815 million capacity.
The interest rate under the new Term Loan B is 75 basis points lower than the rate under the previous term loan, and Realogy expects to reduce its annual cash interest expense to approximately $165 million.
The interest rate with respect to the new term loan is adjusted LIBOR plus a 2.25% margin (with a floor of 0.75%) or ABR plus 1.25% (with an ABR floor of 1.75%), representing a 75 basis point reduction in the margin with the floor unchanged. The maturity date for the new term loan remains July 20, 2022, and all other material provisions under the senior secured credit agreement remain unchanged.
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 13,650 offices with more than 268,000 independent sales associates conducting business in 111 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.
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