Realogy buys $1 billion of notes in tender

By Susanna Moon

Chicago, July 9 - Realogy Corp. announced the close of its change-of-control offer for its $250 million of floating-rate senior notes due 2009, $450 million of 6.15% senior notes due 2011 and $500 million of 6½% senior notes due 2016.

The company bought $1 billion of notes, consisting of $230 million floating-rate notes, $324.245 million 6.15% notes and $448.5 million 6.5% notes.

The tender was funded by a delayed draw term loan subfacility under the senior secured credit facility established in April.

The offer is required under the note indentures following a change-of-control triggering event on April 10 as a result of Realogy's merger with an affiliate of Apollo Management, LP as well as the notes receiving lower ratings of below investment grade by both Moody's Investors Service and Standard & Poor's in March.

The company said it would buy the notes at par plus accrued interest up to the July 9 payment date.

Wells Fargo Bank, NA is the depositary (213 614-2588).

Realogy is a Parsippany, N.J.-based real estate franchisor.

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