Simpson Thacher Represents Initial Purchasers in Sale of $300 Million Senior Notes Due 2021 by Realogy Group LLC
11.24.14
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Simpson Thacher represented the initial purchasers, led by joint book-running managers, J.P. Morgan Securities LLC, Goldman, Sachs & Co., Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc. and Wells Fargo Securities, LLC, in the sale of an aggregate principal amount of $300 million 5.250% Senior Notes due 2021 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 intends to use the net proceeds from the offering, together with cash on hand, to redeem all of its approximately $332 million principal amount of outstanding 7.875% Senior Secured Notes due 2019 and to pay related premiums, fees and expenses.
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, Chinh Vo and John Tracy (Capital Markets); Jonathan Cantor and George Davis (Tax); Jeanne Annarumma (Executive Compensation and Employee Benefits); Steve DeLott (Insurance); Mike Isby (Environmental); and Jennie Getsin (Blue Sky).