Realogy Holdings Corp. subsidiary Realogy Group LLC is planning to issue $400 million aggregate principal amount of senior notes due 2027 in a private offering, alongside a co-issuer.
The notes will be effectively subordinated to all of Realogy Group's existing and future senior secured debt, including its senior secured credit facilities, to the extent of the value of the assets securing such debt.
Realogy Holdings will guarantee the notes on an unsecured senior subordinated basis. Certain of Realogy Group's domestic subsidiaries will guarantee the notes on an unsecured senior basis.
The parent company aims to use the net proceeds to repay a portion of outstanding borrowings under its revolving credit facility. Together with cash on hand, Realogy Holdings used borrowings under its revolving credit facility to redeem all of its outstanding $450 million 4.50% senior notes, due April 2019, on Feb. 15.
The offering is subject to market and other conditions.