Realogy Holdings Corp. 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, and increased the borrowing capacity of its Revolving Credit Facility to $1.050 billion from the existing $815 million capacity, the company recently announced.
The interest rate under the new Term Loan B is 75 basis points lower than the rate under the previous term loan. 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 percent margin (with a floor of 0.75 percent) or ABR plus 1.25 percent (with an ABR floor of 1.75 percent), 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.
For more information, please visit www.realogy.com.
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