BrokerageIndustry News

Realogy debt plan moves forward

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Real estate franchise and brokerage company Realogy Corp. said Monday it took out $515 million in loans in a debt restructuring that will reduce the company's debt by $70 million.Realogy was acquired by an affiliate of Apollo in April 2007 in a leveraged deal that left the company burdened with debt.Realogy, whose franchise group includes the CENTURY 21, Coldwell Banker and ERA brands, recently reported short- and long-term debts totaling $7.31 billion as of June 30, down from $7.46 billion at the end of last year.Realogy said Monday it plans to take out an additional $135 million in loans on Oct. 9, subject to lender commitments, for a total of $650 million in new borrowing. Realogy said it will pay down at least $365 million of borrowings on the $750 million revolving credit facility that's part of more than $3 billion in senior secured debt. That will help the company remain within contractual debt ratios that are scheduled to tighten at the end of the month.The company acknowledged...