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Short And Long-Term Debt (Tables) | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Schedule of Total Indebtedness | Total indebtedness is as follows:
| September 30, 2021 |  | December 31, 2020
Senior Secured Credit Facility: |  |  |
Non-extended Revolving Credit Commitment | $ | — |  |  | $ | — |
Extended Revolving Credit Commitment | — |  |  | — |
Term Loan B | — |  |  | 1,036 |
Term Loan A Facility: |  |  |
Non-extended Term Loan A | — |  |  | 681 |
Extended Term Loan A | 233 |  |  | — |
7.625% Senior Secured Second Lien Notes | 542 |  |  | 540 |
4.875% Senior Notes | 406 |  |  | 406 |
9.375% Senior Notes | 544 |  |  | 544 |
5.75% Senior Notes | 898 |  |  | — |
0.25% Exchangeable Senior Notes | 324 |  |  | — |
Total Short-Term & Long-Term Debt | $ | 2,947 |  |  | $ | 3,207 |
Securitization Obligations: |  |  |
Apple Ridge Funding LLC | $ | 144 |  |  | $ | 102 |
Cartus Financing Limited | 2 |  |  | 4 |
Total Securitization Obligations | $ | 146 |  |  | $ | 106 |
Schedule of Debt | As of September 30, 2021, the Company’s borrowing arrangements were as follows:
| Interest Rate |  | Expiration Date |  | Principal Amount |  | Unamortized Discount (Premium) and Debt Issuance Costs |  | Net Amount
Senior Secured Credit Facility (1): |  |  |  |  |  |  |  |  |
Non-extended Revolving Credit Commitment | (2) |  | February 2023 |  | $ | — |  |  | $ * |  | $ | — |
Extended Revolving Credit Commitment | (2) |  | February 2025 (3) |  | — |  |  | * |  | — |
Term Loan B | (4) |  | February 2025 |  | — |  |  | — |  |  | — |
Term Loan A Facility (5): |  |  |  |  |  |  |  |  |
Non-extended Term Loan A | (6) |  | February 2023 |  | — |  |  | — |  |  | — |
Extended Term Loan A | (7) |  | February 2025 (3) |  | 234 |  |  | 1 |  |  | 233 |
Senior Secured Second Lien Notes (8) | 7.625% |  | June 2025 |  | 550 |  |  | 8 |  |  | 542 |
Senior Notes (8) | 4.875% |  | June 2023 |  | 407 |  |  | 1 |  |  | 406 |
Senior Notes (8) | 9.375% |  | April 2027 |  | 550 |  |  | 6 |  |  | 544 |
Senior Notes (8) | 5.75% |  | January 2029 |  | 900 |  |  | 2 |  |  | 898 |
Exchangeable Senior Notes | 0.25% |  | June 2026 |  | 403 |  |  | 79 |  |  | 324 |
Total Short-Term & Long-Term Debt | $ | 3,044 |  |  | $ | 97 |  |  | $ | 2,947 |
Securitization obligations: (9) |  |  |  |  |  |  |  |  |
Apple Ridge Funding LLC (10) |  | June 2022 |  | $ | 144 |  |  | $ * |  | $ | 144 |
Cartus Financing Limited (11) |  | September 2022 |  | 2 |  |  | * |  | 2 |
Total Securitization Obligations | $ | 146 |  |  | $ | — |  |  | $ | 146 |
_______________ *The debt issuance costs related to our Revolving Credit Facility and securitization obligations are classified as a deferred financing asset within other assets. (1)The available capacity under the Non-extended Revolving Credit Commitment is $477 million, while the available capacity under the Extended Revolving Credit Commitment is $948 million. As of September 30, 2021, there were no outstanding borrowings under either the Non-extended Revolving Credit Commitment or Extended Revolving Credit Commitment and $42 million of outstanding undrawn letters of credit. The Non-extended Revolving Credit Commitment expires in February 2023 and, subject to earlier springing maturity described in footnote (3), the Extended Revolving Credit Commitment expires in February 2025, but in each instance, amounts outstanding would be classified on the balance sheet as current due to the revolving nature and terms and conditions of the facilities. On November 1, 2021, the Company had no outstanding borrowings under the Revolving Credit Facility and $42 million of outstanding undrawn letters of credit. (2)Interest rates with respect to revolving loans under the Senior Secured Credit Facility at September 30, 2021 are 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 1.75% and the ABR margin was 0.75% for the three months ended September 30, 2021. (3)The maturity date of each of the Extended Revolving Credit Commitment and Extended Term Loan A may spring forward to March 2, 2023 if on or before March 2, 2023, the 4.875% Senior Notes have not been extended, refinanced or replaced to have a maturity date after May 10, 2025 (or are not otherwise discharged, defeased or repaid by March 2, 2023). (4)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. In April 2021, the Company used cash on hand to pay down $150 million of outstanding borrowings under the Term Loan B Facility. In September 2021, the Company used cash on hand to repay approximately $238 million in principal amount of outstanding borrowings under the Term Loan B Facility, representing all of the remaining Term Loan B due 2025. The Term Loan B Facility provided 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 was 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%). (5)In January 2021, prior to the effective date of the 2021 Amendments, we used a portion of the proceeds from the issuance of 5.75% Senior Notes to pay down $250 million of outstanding borrowings under the Term Loan A Facility. The interest rates with respect to each of the Non-extended Term Loan A and Extended 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 1.75% and the ABR margin was 0.75% for the three months ended September 30, 2021. (6)In September 2021, the Company used cash on hand to repay approximately $197 million in principal amount of outstanding borrowings under the Term Loan A Facility, representing all of the remaining Non-extended Term Loan A due 2023. The Company was not required to make amortization payments on the Non-extended Term Loan A. (7)The Extended Term Loan A has quarterly amortization payments, which commenced on June 30, 2021, equal to a percentage per quarter of the $237 million principal amount of the Extended Term Loan A outstanding on January 27, 2021 (the effective date of the 2021 Amendments), as follows: 0.625% per quarter from June 30, 2021 to March 31, 2022; 1.25% per quarter from June 30, 2022 to March 31, 2023; 1.875% per quarter from June 30, 2023 to March 31, 2024; and 2.50% per quarter for periods ending on or after June 30, 2024, with the balance of the Extended Term Loan A due at maturity on February 8, 2025. (8)Realogy Group may redeem all or a portion of the Unsecured Notes or 7.625% Senior Secured Second Lien Notes, as applicable, at the redemption price set forth in the applicable indenture governing such notes, commencing on the following dates:
| Date
7.625% Senior Secured Second Lien Notes | June 15, 2022
4.875% Senior Notes | March 1, 2023
9.375% Senior Notes | April 1, 2022
5.75% Senior Notes | January 15, 2024
Prior to the dates noted above, Realogy Group may redeem the applicable notes at their option, in whole or in part, at a redemption price equal to 100% of the principal amount of such notes redeemed plus a "make-whole" premium as set forth in the applicable indenture governing such notes. In addition, prior to the dates noted above, we may redeem up to 40% of the notes (other than the 4.875% Senior Notes) from the proceeds of certain equity offerings as set forth in the applicable indenture governing such notes. See below under the header "Exchangeable Senior Notes" for information on certain redemption features of the Exchangeable Senior Notes. (9)Available capacity is subject to maintaining sufficient relocation related assets to collateralize these securitization obligations. (10)As of September 30, 2021, the Company had $200 million of borrowing capacity under the Apple Ridge Funding LLC securitization program leaving $56 million of available capacity. (11)Consists of a £10 million revolving loan facility and a £5 million working capital facility. As of September 30, 2021, the Company had $20 million of borrowing capacity under the Cartus Financing Limited securitization program leaving $18 million of available capacity. In August 2021, Realogy Group extended the existing Cartus Financing Limited securitization program to September 2021 and in September 2021 the program was amended and further extended from October 2021 to September 2022, consisting of a £5 million revolving loan facility and a £5 million working capital facility.
Schedule of Maturities of Long-term Debt |
Year |  | Amount
Remaining 2021 (a) |  | $ | 1 |
2022 |  | 10 |
2023 |  | 423 |
2024 |  | 22 |
2025 |  | 735 |
_______________ (a)Remaining 2021 includes amortization payments for the Extended Term Loan A. The current portion of long-term debt of $9 million shown on the Condensed Consolidated Balance Sheets consists of four quarters of amortization payments for the Extended Term Loan A.
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%
Convertible Debt | The Exchangeable Senior Notes consisted of the following components as of September 30, 2021:
| September 30, 2021
Liability component: |
Principal | $ | 403 |
Less: debt discount and issuance costs, net of amortization | 79
Net carrying amount | $ | 324 |
Equity component: (*) | $ | 53 |
_______________ (*) Included in additional paid-in capital on the consolidated balance sheets.

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