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v3.21.1

Short And Long-Term Debt Unsecured Notes (Details) - USD ($) $ in Millions | 3 Months Ended |  |  |  |
--- | --- | --- | --- | --- | ---
Mar. 31, 2021 | Mar. 31, 2020 | Feb. 05, 2021 | Jan. 11, 2021 | Dec. 31, 2020 | Feb. 28, 2018
Debt Instrument [Line Items] |  |  |  |  |  |  |
Long-term Debt, Gross | $ 3,231 |  |  |  |  |  |
Proceeds from issuance of Senior Notes | $ (905) |  | $ 0 |  |  |  |
Consolidated Leverage Ratio - Consolidated Net Income Build - Numerator | 4.0 |  |  |  |  |  |
Consolidated Leverage Ratio - Consolidated Net Income Build - Denominator | 1.0 |  |  |  |  |  |
Cumulative Credit Basket increase as a % of Consolidated Net Income when the consolidated leverage ratio is less than 4.0 to 1.0 | 50.00% |  |  |  |  |  |
Cumulative Credit Basket increase as a % of Consolidated Net Income when the consolidated leverage ratio is equal to or greater than 4.0 to 1.0 | 25.00% |  |  |  |  |  |
Consolidated Leverage Ratio - Unlimited General Restricted Payment Basket - Numerator | 3.0 |  |  |  |  |  |
Consolidated Leverage Ratio - Unlimited Restricted Payment Basket - Denominator | 1.0 |  |  |  |  |  |
General restricted payment basket may be used only for restricted investments (as defined in the indenture to the 9.375% notes) | $ 100 |  |  |  |  |  |
Max amount of shares repurchased and dividends declared per year under the 9.375 Credit Agreement | 45 |  |  |  |  |  |
Net Debt Seasonality Adjustment | 200 |  |  |  |  |  |
Term Loan B |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |
Debt Instrument, Repurchase Amount |  |  |  | $ (655) |  |  |
Secured Debt | 7.625% Senior Secured Second Lien Notes |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |
Long-term Debt, Gross | $ 550 |  |  |  |  | $ 550 |
Interest Rate | 7.625% |  |  |  |  |  |
Secured Debt | Term Loan B |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |
Long-term Debt, Gross | $ 390 | [1] |  |  |  | 1,048 | $ 1,080
Secured Debt | Term Loan A |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |
Long-term Debt, Gross |  |  |  |  | $ 434 |  | $ 750
Debt Instrument, Repurchase Amount |  |  |  | (250) |  |  |
Senior Notes | 5.75% Senior Notes |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |
Long-term Debt, Gross | $ 900 |  |  | $ 900 |  | 0 |
Interest Rate | 5.75% |  |  |  |  |  |
Senior Notes | 4.875% Senior Notes |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |
Long-term Debt, Gross | $ 407 |  |  |  |  | 407 |
Interest Rate | 4.875% |  |  |  |  |  |
Senior Notes | 9.375% Senior Notes |  |  |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |  |  |
Long-term Debt, Gross | $ 550 |  |  |  |  | $ 550 |
Interest Rate | 9.375% |  |  |  |  |  |
[1] | In January and February 2021, we used a portion of the proceeds from the issuance of 5.75% Senior Notes to pay down $655 million of outstanding borrowings under the Term Loan B Facility. The Term Loan B Facility provides for quarterly amortization payments totaling 1% per annum of the $1,080 million original principal amount. The interest rate with respect to term loans under the Term Loan B Facility 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%). On April 28, 2021, the Company used cash on hand to pay down $150 million of the Term Loan B Facility.

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- Definition The cumulative credit basket (as defined in the indenture governing the 9.375% Senior Notes) for restricted payments: (i) builds from January 1, 2019 and does not include the benefit of consolidated net income (as defined in the indenture governing the 9.375% Senior Notes) from prior periods, (ii) builds at 25% of consolidated net income when the consolidated leverage ratio (as such term is defined in the indenture governing the 9.375% Senior Notes) is equal to or greater than 4.0 to 1.0 (and 50% of consolidated net income when it is less than 4.0 to 1.0), and (iii) may not be used when the consolidated leverage ratio is equal to or greater than 4.0 to 1.0. + References No definition available. + Details
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- Definition Net debt under the indenture is Realogy Group's total indebtedness (excluding securitizations) less (i) its cash and cash equivalents in excess of restricted cash and (ii) a $200 million seasonality adjustment permitted when measuring the ratio on a date during the period of March 1 to May 31. + References No definition available. + Details
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