Realogy Seeks To Amend Senior Credit Facility

Realogy Corp. seeks to amend its senior secured credit facility. The Parsipanny, N.J.-provider of real estate and relocation services wants to extend the maturity of its first lien term loans by three years from Oct. 10, 2013. It also wants to extend the maturity of its revolving credit facility from April 10, 2013 to April 10, 2016. In addition, the Apollo Management LP-backed company wants to extend the maturity of its synthetic letter of credit facility from Oct. 10, 2013 to Oct. 10, 2016.

Realogy Corporation (the “Company”) today announced that it is seeking an amendment to its senior secured credit facility which would, among other things, amend certain terms and conditions of the credit facility and extend the maturity of (i) its first lien term loans from October 10, 2013 to October 10, 2016, (ii) its revolving credit facility from April 10, 2013 to April 10, 2016 and (iii) its synthetic letter of credit facility from October 10, 2013 to October 10, 2016. The extended credit facility will be subject to modified interest rates. The extended credit facility will also provide the Company with additional flexibility in the future to incur (i) secured indebtedness to refinance certain of its outstanding secured and unsecured indebtedness and (ii) additional junior lien indebtedness.

Pursuant to the terms of the existing credit facility, a majority of all lenders is needed to approve the proposed amendment. In connection with, and as a condition to, the amendment to the credit facility, the Company intends to undertake a new $700 million secured debt financing, the proceeds of which will be used to prepay a portion of the extended term loans. The completion of each of the amend and extend transaction and new secured debt financing is subject to market and certain customary conditions. There can be no assurance that these transactions will be consummated on the terms described above or at all.

About Realogy

Realogy Corporation, a global provider of real estate and relocation services, has a diversified business model that includes real estate franchising, brokerage, relocation and title services. Realogy’s world-renowned brands and business units include Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, The Corcoran Group®, ERA®, Sotheby’s International Realty®, NRT LLC, Cartus and Title Resource Group. Collectively, Realogy’s franchise systems have approximately 14,700 offices and 267,000 sales associates doing business in 100 countries and territories around the world. Headquartered in Parsippany, N.J., Realogy is owned by affiliates of Apollo Management, L.P., a leading private equity and capital markets investor.

Forward Looking


Certain statements in this press release constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Realogy Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates” and “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts. Any statements that refer to expectations or other characterizations of future events, circumstances or results are forward-looking statements.

Various factors that could cause actual future results and other future events to differ materially from those estimated by management include, but are not limited to: our inability to access capital, including debt refinancing, and/or securitization markets; our substantial amount of outstanding debt; our ability to comply with the affirmative and negative covenants contained in our debt agreements; adverse developments or the absence of sustained improvement in general business, economic and political conditions; adverse developments or the absence of improvement in the residential real estate markets including but not limited to the lack of sustained improvement in the number of home sales and/or further declines in home prices, low levels of consumer confidence, the impact of slow economic growth or future recessions and related high levels of unemployment in the U.S. and abroad, the termination of the federal homebuyer tax credit program, continuing high levels of foreclosures or further disruptions in the foreclosure review process, our geographic and high-end market concentration in particular to our company-owned brokerage operations and reduced availability of mortgage financing or financing availability at rates not sufficiently attractive to homebuyers; the final resolution or outcomes with respect to Cendant’s remaining contingent liabilities; any outbreak or escalation of hostilities on a national, regional or international basis or adverse effects of natural disasters or environmental catastrophes; our failure to enter into or renew franchise agreements, maintain our brands or the inability of franchisees to survive the current real estate cycle; our inability to realize benefits from future acquisitions; and our inability to sustain improvements in our operating efficiency.

Consideration should be given to the areas of risk described above, as well as those risks set forth under the headings “Forward-Looking Statements” and “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2009, under the heading “Forward-Looking Statements” in our Form 10-Q for the quarter ended September 30, 2010, and in our other periodic reports filed from time to time, in connection with considering any forward-looking statements that may be made by us and our businesses generally. Except for our ongoing obligations to disclose material information under the federal securities laws, we undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless we are required to do so by law.

Investor Relations Contact:
Alicia Swift
(973) 407-4669

Media Contact:
Mark Panus
(973) 407-7215