Simpson Thacher represented the initial purchasers, led by joint book-running managers, J.P. Morgan Securities LLC, Goldman, Sachs & Co., Barclays Capital Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Credit Agricole Securities (USA) Inc. and Wells Fargo Securities, LLC, in the sale of an aggregate principal amount of $450 million 4.500% Senior Notes due 2019 by Realogy Group LLC (“Realogy”) and Realogy Co-Issuer Corp. (the “Co-Issuer”). The notes are guaranteed on an unsecured senior subordinated basis by Realogy Holdings Corp., the indirect parent of Realogy, and on an unsecured senior basis by each of Realogy’s existing and future U.S. direct or indirect restricted subsidiaries (other than the Co-Issuer) that is a guarantor of its senior secured credit facility and its existing notes or that incurs or guarantees certain other indebtedness in the future, subject to certain exceptions. Realogy used a portion of the net proceeds from the offering to repurchase approximately $354 million of its 7.875% Senior Secured Notes due 2019 in open market purchases, and to pay related premiums, fees and expenses. Realogy expects to use the remaining net proceeds from the offering for working capital and general corporate purposes. Realogy may also use such proceeds to repay existing secured notes from time to time, through either tender offers, redemptions, purchases in privately negotiated transactions, open market purchases, or a combination thereof, and to pay the fees and expenses related thereto.
Realogy is the preeminent and most integrated provider of residential real estate services in the U.S. It is the world’s largest franchisor of residential real estate brokerages with some of the most recognized brands in the real estate industry, the largest owner of U.S. residential real estate brokerage offices, the largest U.S. and a leading global provider of outsourced employee relocation services and a significant provider of title and settlement services.
The Simpson Thacher team included Art Robinson, Marisa Stavenas, David Azarkh, Kyle Scherer and Julianna Manzi (Capital Markets); Michael Vernace (Credit); Jonathan Cantor and Vanessa Grieve (Tax); Jeanne Annarumma and Grace Lin Wirth (Executive Compensation and Employee Benefits); Steve DeLott (Insurance); Mike Isby (Environmental); and Jennie Getsin (Blue Sky).