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Short And Long-Term Debt (Tables) | 6 Months Ended
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Jun. 30, 2016
Debt Disclosure [Abstract] |
Schedule of Total Indebtedness | Total indebtedness is as follows:
| June 30, 2016 |  | December 31, 2015
Senior Secured Credit Facility: |  |  |
Revolving Credit Facility | $ | — |  |  | $ | 200 |
Term Loan B | 1,833 |  |  | 1,839 |
Term Loan A | 422 |  |  | 433 |
3.375% Senior Notes | — |  |  | 499 |
4.50% Senior Notes | 437 |  |  | 434 |
5.25% Senior Notes | 544 |  |  | 297 |
4.875% Senior Notes | 496 |  |  | — |
Total Short-Term & Long-Term Debt | $ | 3,732 |  |  | $ | 3,702 |
Securitization obligations: |  |  |
Apple Ridge Funding LLC | $ | 269 |  |  | $ | 238 |
Cartus Financing Limited | 11 |  |  | 9 |
Total securitization obligations | $ | 280 |  |  | $ | 247 |
Schedule of Debt | As of June 30, 2016, the Company’s borrowing arrangements were as follows:
| Interest Rate |  | Expiration Date |  | Principal Amount |  | Unamortized Discount and Debt Issuance Costs |  | Net Amount
Senior Secured Credit Facility: |  |  |  |  |  |  |  |  |
Revolving Credit Facility (1) | (2) |  | October 2020 |  | $ | — |  |  | $ * |  |  | $ | — |
Term Loan B | (3) |  | March 2020 |  | 1,858 |  |  | 25 |  |  | 1,833 |
Term Loan A | (4) |  | October 2020 |  | 424 |  |  | 2 |  |  | 422 |
Senior Notes | 4.50% |  | April 2019 |  | 450 |  |  | 13 |  |  | 437 |
Senior Notes | 5.25% |  | December 2021 |  | 550 |  |  | 6 |  |  | 544 |
Senior Notes | 4.875% |  | June 2023 |  | 500 |  |  | 4 |  |  | 496 |
Securitization obligations: (5) |  |  |  |  |  |  |  |  |
Apple Ridge Funding LLC (6) |  |  | June 2017 |  | 269 |  |  | * |  |  | 269 |
Cartus Financing Limited (7) |  |  | August 2016 |  | 11 |  |  | * |  |  | 11 |
Total (8) | $ | 4,062 |  |  | $ | 50 |  |  | $ | 4,012 |
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* | The debt issuance costs related to our Revolving Credit Facility and securitization obligations are classified as a deferred asset within other assets.
(1) | As of June 30, 2016, the Company had $815 million of borrowing capacity under its Revolving Credit Facility. On August 2, 2016, the Company had $225 million outstanding borrowings on the Revolving Credit Facility, leaving $590 million of available capacity. The increase in outstanding borrowings compared to June 30, 2016 was a result of amending and reducing the borrowings under the Term Loan B in July 2016. See Note 12, "Subsequent Events" for a description of the transaction.
(2) | Interest rates with respect to revolving loans under the Senior Secured Credit Facility at June 30, 2016 are based on, at the Company's option, (a) adjusted LIBOR plus an additional margin or (b) ABR plus an additional margin, in each case subject to adjustment based on the then current senior secured leverage ratio. Based on the previous quarter senior secured leverage ratio, the LIBOR margin was 2.00% and the ABR margin was 1.00% for the three months ended June 30, 2016.
(3) | The Term Loan B provides for quarterly amortization payments totaling 1% per annum of the original principal amount. The interest rate with respect to term loans under the Term Loan B is based on, at the Company’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) | The Term Loan A provides for quarterly amortization payments, which commenced 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 in 2016, 2017, 2018, 2019 and 2020, respectively. The interest rates with respect to term loans under the Term Loan A Facility are based on, at the Company's option, (a) adjusted LIBOR plus an additional margin or (b) ABR plus an additional margin, in each case subject to adjustment based on the then current senior secured leverage ratio. Based on the previous quarter senior secured leverage ratio, the LIBOR margin was 2.00% and the ABR margin was 1.00% for the three months ended June 30, 2016.
(5) | Available capacity is subject to maintaining sufficient relocation related assets to collateralize these securitization obligations.
(6) | In June 2016, Realogy Group extended the existing Apple Ridge Funding LLC securitization program utilized by Cartus until June 2017. As of June 30, 2016, the Company had $325 million of borrowing capacity under the Apple Ridge Funding LLC securitization program leaving $56 million of available capacity.
(7) | Consists of a £20 million revolving loan facility and a £5 million working capital facility. As of June 30, 2016, the Company had $33 million of borrowing capacity under the Cartus Financing Limited securitization program leaving $22 million of available capacity.
(8) | Not included in this table, the Company had $130 million of outstanding letters of credit at June 30, 2016 under the Unsecured Letter of Credit Facility with a weighted average rate of 3.10%. In the second quarter of 2016, the Company moved outstanding letters of credit to the Unsecured Letter of Credit Facility and terminated the synthetic letter of credit facility. As a result, the Company increased the capacity under the Unsecured Letter of Credit Facility by $47 million to $135 million.
Schedule of Maturities of Long-term Debt |
Year |  | Amount
Remaining 2016 |  | $ | 21 |
2017 |  | 41 |
2018 |  | 52 |
2019 |  | 513 |
2020 |  | 2,105 |
Interest Rate Table for Revolving Credit Facility |
Senior Secured Leverage Ratio | Applicable LIBOR Margin | Applicable ABR Margin
Greater than 3.50 to 1.00 | 2.50% | 1.50%
Less than or equal to 3.50 to 1.00 but greater than or equal to 2.50 to 1.00 | 2.25% | 1.25%
Less than 2.50 to 1.00 | 2.00% | 1.00%
Interest Rate Table for Term Loan A Facility |
Senior Secured Leverage Ratio | Applicable LIBOR Margin | Applicable ABR Margin
Greater than 3.50 to 1.00 | 2.50% | 1.50%
Less than or equal to 3.50 to 1.00 but greater than or equal to 2.50 to 1.00 | 2.25% | 1.25%
Less than 2.50 to 1.00 | 2.00% | 1.00%
Expiration Capacity Table for Unsecured Letter of Credit Facilities | The facility's expiration dates are as follows:
Capacity (in millions) | Expiration Date
$53 | June 2017
$16 | September 2018
$66 | December 2019

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