Recovery Report: Realogy Corp.'s $4.27 Billion Secured Financing Mar 07
- ID: 2046557
- March 2007
- Standard & Poors
On March 1, 2007, Standard & Poor's Rating Services assigned its bank loan and recovery ratings to Realogy Corp.'s proposed $4.27 billion senior secured first-lien bank facility, based on preliminary terms and conditions. The facilities were rated 'BB' with a recovery rating of '1', indicating an expectation for a full recovery of principal in a simulated default scenario. A summary of the facilities is provided below in Table 1. Apollo Management LP will use proceeds from the term loan, $3.65 billion in unsecured debt, a $2 billion equity investment, plus existing cash and a $220 million revolver draw to fund the purchase of the firm and repay existing debt. The $850 million synthetic letter of credit facility will be used...
Companies mentioned in this report are:
- Realogy Group LLC
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Research Type: Full Analysis