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Short And Long-Term Debt (Tables) | 9 Months Ended
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Sep. 30, 2022
Debt Disclosure [Abstract] |
Schedule of Total Indebtedness | Total indebtedness is as follows:
| September 30, 2022 |  | December 31, 2021
Revolving Credit Facility | $ | — |  |  | $ | — |
Extended Term Loan A | 224 |  |  | 231 |
7.625% Senior Secured Second Lien Notes | — |  |  | 542 |
4.875% Senior Notes | 340 |  |  | 406 |
9.375% Senior Notes | — |  |  | 545 |
5.75% Senior Notes | 899 |  |  | 898 |
5.25% Senior Notes | 984 |  |  | — |
0.25% Exchangeable Senior Notes | 393 |  |  | 328 |
Total Short-Term & Long-Term Debt | $ | 2,840 |  |  | $ | 2,950 |
Securitization Obligations: |  |  |
Apple Ridge Funding LLC | $ | 169 |  |  | $ | 116 |
Cartus Financing Limited | — |  |  | 2 |
Total Securitization Obligations | $ | 169 |  |  | $ | 118 |
Schedule of Debt | As of September 30, 2022, the Company’s borrowing arrangements were as follows:
| Interest Rate |  | Expiration Date |  | Principal Amount |  | Unamortized Discount (Premium) and Debt Issuance Costs |  | Net Amount
Revolving Credit Facility (1) | (2) |  | July 2027 (3) |  | $ | — |  |  | $ * |  | $ | — |
Extended Term Loan A | (4) (6) |  | February 2025 (5) |  | 225 |  | 1 |  |  | 224
Senior Notes | 4.875% |  | June 2023 |  | 340 |  |  | — |  |  | 340 |
Senior Notes | 5.75% |  | January 2029 |  | 900 |  |  | 1 |  |  | 899 |
Senior Notes (7) | 5.25% |  | April 2030 |  | 1,000 |  |  | 16 |  |  | 984 |
Exchangeable Senior Notes (8) | 0.25% |  | June 2026 |  | 403 |  |  | 10 |  |  | 393 |
Total Short-Term & Long-Term Debt | $ | 2,868 |  |  | $ | 28 |  |  | $ | 2,840 |
Securitization obligations: (9) |  |  |  |  |  |  |  |  |
Apple Ridge Funding LLC |  | June 2023 |  | $ | 169 |  |  | $ * |  | $ | 169 |
_______________ *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 Revolving Credit Facility has an available capacity of $1.1 billion and as of September 30, 2022, there were no outstanding borrowings under the Revolving Credit Facility and $42 million of outstanding undrawn letters of credit. On November 1, 2022, 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 Revolving Credit Facility at September 30, 2022 are based on a term Secured Overnight Financing Rate ("SOFR")-based rate including a 10 basis point credit spread adjustment plus an additional margin. The additional margin is subject to adjustment based on the then current senior secured leverage ratio. Based on the previous quarter's senior secured leverage ratio, the margin was 1.75% for the three months ended September 30, 2022. (3)The maturity date of the Revolving Credit Facility may spring forward to a date prior to July 2027 as follows: (i) 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 October 26, 2027 (or are not otherwise discharged, defeased or repaid by March 2, 2023), the maturity date of the Revolving Credit Facility will be March 2, 2023; (ii) if on or before March 16, 2026, the 0.25% Exchangeable Senior Notes have not been extended, refinanced or replaced to have a maturity date after October 26, 2027 (or are not otherwise discharged, defeased or repaid by March 16, 2026), the maturity date of the Revolving Credit Facility will be March 16, 2026; and (iii) if on or before February 8, 2025, the “term A loans” under the Term Loan A Agreement have not been extended, refinanced or replaced to have a maturity date after October 26, 2027 (or are not otherwise repaid by February 8, 2025), the maturity date of the Revolving Credit Facility will be February 8, 2025. (4)Interest rates with respect to outstanding borrowings under the Extended Term Loan A at September 30, 2022 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, 2022. (5)The maturity date of the 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). (6)The Extended Term Loan A has quarterly amortization payments equal to a percentage per quarter of the original principal amount of $237 million, 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. (7)In the first quarter of 2022, the Company issued $1 billion aggregate principal amount of 5.25% Senior Notes due 2030 and used net proceeds, together with cash on hand, to redeem in full both the outstanding 9.375% Senior Notes due 2027 and the 7.625% Senior Secured Second Lien Notes due 2025. See below under the header "5.25% Senior Notes Issuance and Redemption of 9.375% Senior Notes and 7.625% Senior Secured Second Lien Notes" for a description of these transactions. (8)See below under the header "Exchangeable Senior Notes" for additional information and Note 1, "Basis of Presentation—Recently Adopted Accounting Pronouncements", related to the January 1, 2022 adoption of the new standard on "Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity". (9)Anywhere Group currently has secured obligations through Apple Ridge Funding LLC under a securitization program which expires in June 2023. As of September 30, 2022, the Company had $200 million of borrowing capacity under the Apple Ridge Funding LLC securitization program with $169 million being utilized leaving $31 million of available capacity. Available capacity is subject to maintaining sufficient relocation related assets to collateralize these securitization obligations. Certain of the funds that Anywhere Group receives from relocation receivables and related assets are required to be utilized to repay securitization obligations. These obligations are collateralized by $228 million and $132 million of underlying relocation receivables and other related relocation assets at September 30, 2022 and December 31, 2021, respectively. Substantially all relocation related assets are realized in less than twelve months from the transaction date. Accordingly, all of Anywhere Group's securitization obligations are classified as current in the accompanying Condensed Consolidated Balance Sheets. Interest incurred in connection with borrowings under these facilities amounted to $2 million and $1 million for the three months ended September 30, 2022 and 2021, respectively, as well as $4 million and $3 million for the nine months ended September 30, 2022 and 2021, respectively. This interest is recorded within net revenues in the accompanying Condensed Consolidated Statements of Operations as related borrowings are utilized to fund Anywhere Group's relocation operations where interest is generally earned on such assets. These securitization obligations represent floating rate debt for which the average weighted interest rate was 3.7% and 3.2% for the nine months ended September 30, 2022 and 2021, respectively. Anywhere Group, through a special purpose entity known as Cartus Financing Limited, had agreements providing for a revolving loan facility and a working capital facility which expired on September 30, 2022.
Schedule of Maturities of Long-term Debt |
Year |  | Amount
Remaining 2022 (a) |  | $ | 3 |
2023 (b) |  | 356 |
2024 |  | 22 |
2025 |  | 184 |
2026 |  | 403 |
_______________ (a)Remaining 2022 includes amortization payments for the Extended Term Loan A. The current portion of long-term debt of $354 million shown on the Condensed Consolidated Balance Sheets consists of $340 million in principal amount of 4.875% Senior Notes due June 2023 and four quarters of amortization payments for the Extended Term Loan A. There were no outstanding borrowings under the Revolving Credit Facility as of September 30, 2022, however any amounts outstanding would be classified on the balance sheet as current due to the revolving nature and terms and conditions of the facilities. (b)Includes $340 million in principal amount of 4.875% Senior Notes due June 2023.

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