Simpson Thacher represented the initial purchasers, led by joint bookrunning managers, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC and Goldman, Sachs & Co., in the sale of an aggregate principal amount of $500 million 4.875% Senior Notes due 2023 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 domestic subsidiaries (other than the Co-Issuer) that is a guarantor under Realogy’s senior secured credit facilities and its outstanding securities. Realogy intends to use a portion of the net proceeds from this offering of the notes to reduce outstanding borrowings under its revolving credit facility and the remaining proceeds for general corporate purposes, which may include additional debt transactions.
Realogy is a global leader in residential real estate franchising and brokerage with many of the best-known industry brands including Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, The Corcoran Group®, ERA®, Sotheby’s International Realty® and ZipRealty®.
The Simpson Thacher team for the transaction included, among others, Arthur Robinson, David Azarkh, Tadashi Okamoto and Elina Alperovich (Capital Markets); Jonathan Cantor and George Davis (Tax); Michael Vernace, Caroline Gross, Wabi Jain and Jonathan Zane (Credit); Abram Ellis and Seth Atkisson (Regulatory); Jeanne Annarumma and Eric Wolf (Executive Compensation and Employee Benefits); Steven DeLott (Insurance); Michael Isby (Environmental); and Jennie Getsin (Blue Sky).