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Subsequent Events Subsequent Events | 9 Months Ended
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Sep. 30, 2015
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11. | SUBSEQUENT EVENTS
October 2015 Amendment of the Senior Secured Revolving Credit Facility, Entry into a new Senior Secured Term Loan A Facility and the Redemption of First Lien Notes and First and a Half Lien Notes In October 2015, Realogy Group amended its Revolving Credit Facility and entered into a new Term Loan A Agreement. The amendment to its Revolving Credit Facility increased the capacity from $475 million to $815 million and extended its maturity date from March 2018 to October 2020. The interest rates with respect to the new Revolving Credit Facility under the Term Loan A Facility are based on, at the Company's option, adjusted LIBOR plus 2.25% or ABR plus 1.25%, in each case subject to adjustment based on the then current senior secured leverage ratio. The new Term Loan A Facility was issued in the amount of $435 million with a maturity date of October 2020. The Term Loan A Facility provides for quarterly amortization payments, commencing March 31, 2016, totaling per annum 5%, 5%, 7.5%, 10.0% and 12.5% of the original principal amount of the Term Loan A Facility in 2016, 2017, 2018, 2019 and 2020, respectively. The interest rates with respect to term loans under the new Term Loan A Facility are based on, at the Company's option, adjusted LIBOR plus 2.25% or ABR plus 1.25%, in each case subject to adjustment based on the then current senior secured leverage ratio. The amendment to the senior secured Revolving Credit Facility and the senior secured Term Loan A Facility require the Company to maintain a maximum senior secured leverage ratio of 4.75 to 1.00, tested on a quarterly basis, commencing with the period ended September 30, 2015, regardless of the amount of borrowings outstanding, and letters of credit issued, under the revolver at the testing date. The Company used the net proceeds from the Term Loan A Facility and revolver borrowings to redeem all of the outstanding $593 million of First Lien Notes and pay related premiums and accrued interest of $45 million. On October 30, 2015, the Company issued a notice of redemption to redeem all of the outstanding $196 million of First and a Half Lien Notes and pay related premiums and accrued interest of $17 million on November 30, 2015 with cash on hand and revolver borrowings.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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