Realogy draws $400 million under revolver to supplement cash on hand

By Marisa Wong

Los Angeles, March 25 – Realogy Holdings Corp. said it borrowed an additional $400 million under its revolving credit facility this month to supplement available cash on hand.

Realogy had about $487 million of cash on hand as of March 23, according to an 8-K filing with the Securities and Exchange Commission.

The company expects to be in compliance with its senior secured leverage ratio at March 31. This is the sole financial maintenance covenant under the company’s amended and restated credit agreement dated March 5, 2013 that governs its senior secured credit facility, which includes the revolver and its term loan B, and its term loan A agreement dated Oct. 23, 2015.

The real estate services company is based in Madison, N.J.

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