Short And Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2015

Total indebtedness is as follows:



	September 30, 2015		December 31, 2014
Senior Secured Credit Facility:
Revolving Credit Facility	$	—	$	—
Term Loan B Facility	1,858		1,871
7.625% First Lien Notes	593		593
9.00% First and a Half Lien Notes	196		196
3.375% Senior Notes	500		500
4.50% Senior Notes	450		450
5.25% Senior Notes	300		300
Total Short & Long-Term Debt	$	3,897	$	3,910
Securitization Obligations:
Apple Ridge Funding LLC	$	325	$	255
Cartus Financing Limited	10		14
Total Securitization Obligations	$	335	$	269

Schedule of Debt

As of September 30, 2015, the total capacity, outstanding borrowings and available capacity under the Company’s borrowing arrangements were as follows:



	Interest Rate	Expiration Date	Total Capacity		Outstanding Borrowings		Available Capacity
Senior Secured Credit Facility:
Revolving Credit Facility (1)	(2)	March 2018	$	475	$	—	$	475
Term Loan B Facility	(3)	March 2020	1,872		1,858		—
First Lien Notes (1)	7.625%	January 2020	593		593		—
First and a Half Lien Notes	9.00%	January 2020	196		196		—
Senior Notes	3.375%	May 2016	500		500		—
Senior Notes	4.50%	April 2019	450		450		—
Senior Notes	5.25%	December 2021	300		300		—
Securitization obligations: (4)
Apple Ridge Funding LLC (5)		June 2016	375		325		50
Cartus Financing Limited (6)		August 2016	38		10		28
Total (7)			$	4,799	$	4,232	$	553

_______________

(1)

See Note 11, "Subsequent Events" for a description of the October 2015 amendment of the Senior Secured Revolving Credit Facility and entry into a new Senior Secured Term Loan A Facility. The net proceeds of the Term Loan A Facility together with revolver borrowings were used to discharge the First Lien Notes in October 2015. As of November 3, 2015, after giving effect to the amendment of the facility, the Company had no outstanding borrowings on the Revolving Credit Facility, leaving $815 million of available capacity.


(2)	Interest rates with respect to revolving loans under the Senior Secured Credit Facility at September 30, 2015 were based on, at Realogy Group’s option, (a) adjusted LIBOR plus 2.75% or (b) JPMorgan Chase Bank, N.A.'s prime rate ("ABR") plus 1.75%.


(3)	Consists of a $1,872 million Term Loan B, less a discount of $14 million. There is 1% per annum amortization of principal. The interest rate with respect to the Term Loan B Facility is based on, at Realogy Group’s option, (a) adjusted LIBOR plus 3.00% (with a LIBOR floor of 0.75%) or (b) JPMorgan Chase Bank, N.A.’s prime rate ("ABR") plus 2.00% (with an ABR floor of 1.75%).


(4)	Available capacity is subject to maintaining sufficient relocation related assets to collateralize these securitization obligations.


(5)	In June 2015, Realogy Group amended the existing Apple Ridge Funding LLC securitization program utilized by Cartus. The capacity under the facility was temporarily increased from $325 million to $375 million from June 2015 until October 2015, at which time the capacity was reduced to $325 million.


(6)	Consists of a £20 million revolving loan facility and a £5 million working capital facility.


(7)	Not included in this table, the Company had $135 million of outstanding letters of credit at September 30, 2015, of which $53 million was under the synthetic letter of credit facility with a rate of 4.25% and $82 million was under the unsecured letter of credit facility with a rate of 2.98%.

Schedule of Maturities of Long-term Debt [Table Text Block]



Year	Amount
Remaining 2015	$	5
2016	519
2017	19
2018	19
2019	469