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RISMEDIA, September 29, 2009—Realogy Corporation, a global provider of real estate and relocation services owned by an affiliate of Apollo Management, L.P., announced that it has closed on the incurrence of $515 million aggregate principal amount of second lien incremental term loans, which amount the company expects to be increased to $650 million, at 13.5% and priced at 100%, or par value, that mature in 2017. Realogy will issue $515 million today and an additional $135 million on a delayed draw basis on Oct. 9, 2009, subject to receipt of additional lender commitments for which there can be no assurances such commitments will be obtained. 

The company said it would use the proceeds from the incurrence of the incremental term loans to reduce at least $365 million of borrowings on its $750 million revolver under its existing credit facility and refinance approximately $220 million of 11.00%/11.75% Senior Toggle Notes due 2014 from affiliates of Icahn Partners, L.P. for $150 million of borrowings. The net effect of the transactions is that Realogy will immediately reduce its outstanding debt by approximately $70 million. 

“We are pleased with both our ability to raise new capital in today’s credit market and Apollo’s increased investment in our company through purchases of Realogy’s bonds,” said Realogy President & CEO Richard A. Smith. “These are tremendous signs of investor confidence in Realogy, our business model and the value of our brands as well as the performance of our management team and our employees. Securing these incremental term loans goes a long way toward increasing our long-term liquidity and financial flexibility.” 

For more information, visit www.realogy.com

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