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Short And Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2019

Total indebtedness is as follows:



	June 30, 2019		December 31, 2018
Senior Secured Credit Facility:
Revolving Credit Facility	$	330	$	270
Term Loan B	1,049		1,053
Term Loan A Facility:
Term Loan A	723		732
4.50% Senior Notes	—		449
5.25% Senior Notes	548		547
4.875% Senior Notes	497		497
9.375% Senior Notes	542		—
Total Short-Term & Long-Term Debt	$	3,689	$	3,548
Securitization Obligations:
Apple Ridge Funding LLC	$	193	$	218
Cartus Financing Limited	11		13
Total Securitization Obligations	$	204	$	231

Schedule of Debt

As of June 30, 2019, 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)	February 2023	$	330	$ *		$	330
Term Loan B	(3)	February 2025	1,064		15		1,049
Term Loan A Facility:
Term Loan A	(4)	February 2023	727		4		723
Senior Notes	5.25%	December 2021	550		2		548
Senior Notes	4.875%	June 2023	500		3		497
Senior Notes	9.375%	April 2027	550		8		542
Securitization obligations: (5)
Apple Ridge Funding LLC (6)		June 2020	193		*		193
Cartus Financing Limited (7)		August 2019	11		*		11
Total (8)			$	3,925	$	32	$	3,893

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*	The debt issuance costs related to our Revolving Credit Facility and securitization obligations are classified as a deferred financing asset within other assets.

(1)

As of June 30, 2019, the Company had $1,425 million of borrowing capacity under its Revolving Credit Facility. The Revolving Credit Facility expires in February 2023 but is classified on the balance sheet as current due to the revolving nature and terms and conditions of the facility. In March 2019, the Company increased the borrowing capacity under its Revolving Credit Facility to $1,425 million from $1,400 million. On August 6, 2019, the Company had $265 million in outstanding borrowings under the Revolving Credit Facility.

(2)

Interest rates with respect to revolving loans under the Senior Secured Credit Facility at June 30, 2019 were based on, at the Company's option, (a) adjusted London Interbank Offering Rate ("LIBOR") plus an additional margin or (b) JP Morgan Chase Bank, N.A.'s prime rate ("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's senior secured leverage ratio, the LIBOR margin was 2.25% and the ABR margin was 1.25% for the three months ended June 30, 2019.


(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 2.25% (with a LIBOR floor of 0.75%) or (b) ABR plus 1.25% (with an ABR floor of 1.75%).

(4)

The Term Loan A provides for quarterly amortization payments, which commenced on June 30, 2018, totaling per annum 2.5%, 2.5%, 5.0%, 7.5% and 10.0% of the original principal amount of the Term Loan A, with the balance of the Term Loan A due at maturity on February 8, 2023. The interest rates with respect to the Term Loan A 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's senior secured leverage ratio, the LIBOR margin was 2.25% and the ABR margin was 1.25% for the three months ended June 30, 2019.


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


(6)	In June 2019, Realogy Group extended the existing Apple Ridge Funding LLC securitization program utilized by Cartus until June 2020. As of June 30, 2019, the Company had $250 million of borrowing capacity under the Apple Ridge Funding LLC securitization program leaving $57 million of available capacity.


(7)	Consists of a £10 million revolving loan facility and a £5 million working capital facility. As of June 30, 2019, the Company had $19 million of borrowing capacity under the Cartus Financing Limited securitization program leaving $8 million of available capacity.

(8)

Not included in this table is the Company's Unsecured Letter of Credit Facility which had a capacity of $66 million with $58 million utilized at a weighted average rate of 3.33% at June 30, 2019.

Schedule of Maturities of Long-term Debt



Year	Amount
Remaining 2019 (a)	$	344
2020	44
2021	612
2022	81
2023	1,075

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(a)

Remaining 2019 includes amortization payments totaling $9 million and $5 million for the Term Loan A and Term Loan B facilities, respectively, as well as $330 million of revolver borrowings under the Revolving Credit Facility which expires in February 2023 but is classified on the balance sheet as current due to the revolving nature and terms and conditions of the facility. The current portion of long-term debt of $364 million shown on the condensed consolidated balance sheet consists of four quarters of amortization payments totaling $23 million and $11 million for the Term Loan A and Term Loan B facilities, respectively, and $330 million of revolver borrowings under the Revolving Credit Facility.

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 but greater than or equal to 2.00 to 1.00	2.00%	1.00%
Less than 2.00 to 1.00	1.75%	0.75%

Interest Rate Table for Term Loan A



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 but greater than or equal to 2.00 to 1.00	2.00%	1.00%
Less than 2.00 to 1.00	1.75%	0.75%