Simpson Thacher recently represented the underwriters, led by J.P. Morgan Securities LLC, in connection with a Rule 144A private offering of $700 million 7.875% senior secured notes due 2019 by Realogy Corporation (“Realogy”). The Notes will be guaranteed on a senior secured basis by Domus Intermediate Holdings Corp., the Company's parent, and each domestic subsidiary of the Company that is a guarantor under its senior secured credit facility. The Notes will also be guaranteed by Domus Holdings Corp., the Company's indirect parent, on an unsecured senior subordinated basis. The Company will use the net proceeds from the offering to prepay $700 million of certain of its first lien term loans.
In connection with the offering, the Firm represented J.P. Morgan Securities LLC, as a joint lead arranger, and JPMorgan Chase Bank, N.A., as administrative agent, in connection with the closing of an amendment and extension of Realogy’s senior secured credit facilities. As a part of the amendment and extension, lenders under Realogy’s senior secured credit facilities have agreed to extend the maturity of approximately $2.4 billion of Realogy’s term B loans, approximately $461 million aggregate principal amount of their revolving commitments and approximately $173 million of their synthetic LC commitments, and to convert approximately $98 million aggregate principal amount of their extended revolving commitments to extended term B loans.
Realogy is a global provider of real estate and relocation services with brands including Century 21®, Coldwell Banker®, ERA® and Sotheby's International Realty®.
The Simpson Thacher team included Art Robinson, Marisa Stavenas, Lia Toback, Hui Lin, David Eshmoili and Erland Modesto (Capital Markets); Frank Huck, Jessica Tuchinsky, Justin Benford and Mike Vernace (Credit); Erik Hepler (Intercreditor Issues); Jonathan Pall (Collateral); Michael Isby (Environmental); Steven R. DeLott (Insurance); Mindy Lok (IP); Jennie Getsin (Blue Sky); Jeanne Annarumma (Executive Compensation and Employee Benefits); Mardi Merjian (Real Estate); Alan Turner (Litigation); and Jonathan Cantor and Vanessa Cohen (Tax). Paralegal Nicole Annunziato also provided valuable assistance.