BrokerageIndustry News

Realogy juggling debt to meet deadline

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In a regulatory filing Thursday, real estate franchise and brokerage company Realogy Corp. said it expects to post a third-quarter net loss of $20 million to $25 million on $1.14 billion to $1.17 billion in revenue, and also reported efforts to stay within contractual debt ratios before a Sept. 30 deadline.  Realogy, whose franchise group includes the CENTURY 21, Coldwell Banker and ERA brands, was acquired by an affiliate of private equity firm Apollo Management LP in April 2007, in a highly leveraged deal that left the company with considerable debt.Realogy reports it will take out up to $325 million in second-lien term loans to pay down its obligations to senior creditors, in order to help the company remain within contractual debt ratios that are scheduled to tighten at the end of the month.In its most recent quarterly report to regulators, Realogy listed short- and long-term debts totaling $7.31 billion, down from $7.46 billion at the end of last year. About half of that debt -- ...