Short And Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2016

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

_______________


*	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