Recovery Report: Realogy Corp.'s $4.27 Billion Secured Financing Mar 07

  • ID: 2046557
  • March 2007
  • Standard & Poors
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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

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

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- Realogy Group LLC

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