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Short and Long-Term Debt
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Short And Long-Term Debt SHORT AND LONG-TERM DEBT Total indebtedness is as follows:
 March 31, 2023December 31, 2022
Revolving Credit Facility
$380 $350 
Extended Term Loan A219 221 
5.75% Senior Notes899 899 
5.25% Senior Notes985 985 
0.25% Exchangeable Senior Notes395 394 
Total Short-Term & Long-Term Debt$2,878 $2,849 
Securitization Obligations:
Apple Ridge Funding LLC$173 $163 
Indebtedness Table
As of March 31, 2023, the Company’s borrowing arrangements were as follows:
Interest
Rate		Expiration
Date		Principal AmountUnamortized Premium and Debt Issuance CostsNet Amount
Revolving Credit Facility (1)
(2)July 2027 (3)$380 $ *$380 
Extended Term Loan A(4) (5)February 2025219— 219
Senior Notes5.75%January 2029900 1 899 
Senior Notes5.25%April 20301,000 15 985 
Exchangeable Senior Notes0.25%June 2026403 8 395 
Total Short-Term & Long-Term Debt$2,902 $24 $2,878 
Securitization obligations: (6)
Apple Ridge Funding LLCJune 2023$173 $ *$173 
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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 March 31, 2023, the Company had $1,100 million of borrowing capacity under its Revolving Credit Facility. As of March 31, 2023, there were $380 million outstanding borrowings under the Revolving Credit Facility and $35 million of outstanding undrawn letters of credit. On May 1, 2023, the Company had $430 million outstanding borrowings under the Revolving Credit Facility and $36 million of outstanding undrawn letters of credit.
(2)Interest rates with respect to revolving loans under the Revolving Credit Facility at March 31, 2023 are based on, at the Company's option, (a) a term Secured Overnight Financing Rate ("SOFR")-based rate including a 10 basis point credit spread adjustment or (b) JP Morgan Chase Bank, N.A.'s prime rate ("ABR") plus (in each case) an additional margin 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% and the ABR margin was 0.75% for the three months ended March 31, 2023.
(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 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 (ii) if on or before November 9, 2024, 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 November 9, 2024), the maturity date of the Revolving Credit Facility will be November 9, 2024.
(4)Interest rates with respect to outstanding borrowings under the Extended Term Loan A at March 31, 2023 are based on, at the Company's option, (a) adjusted London Interbank Offering Rate ("LIBOR") or (b) ABR plus (in each case) an additional margin 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 March 31, 2023.
(5)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.
(6)Anywhere Group currently has secured obligations through Apple Ridge Funding LLC under a securitization program which expires in June 2023. As of March 31, 2023, the Company had $200 million of borrowing capacity under the Apple Ridge Funding LLC securitization program with $173 million being utilized leaving $27 million of available capacity subject to maintaining sufficient relocation related assets to collateralize the securitization obligation. 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 $233 million and $206 million of underlying relocation receivables and other related relocation assets at March 31, 2023 and December 31, 2022, 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 the facility amounted to $3 million and $1 million for the three months ended March 31, 2023 and 2022, 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. The securitization obligation represent floating rate debt for which the average weighted interest rate was 7.0% and 3.2% for the three months ended March 31, 2023 and 2022, respectively.
Maturities Table
As of March 31, 2023, the combined aggregate amount of maturities for long-term borrowings for the remainder of 2023 and each of the next four years is as follows:
YearAmount
Remaining 2023 (a)
$393 
202422 
2025184 
2026403 
2027— 
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(a)Remaining 2023 includes amortization payments totaling $13 million for the Extended Term Loan A, as well as $380 million of outstanding borrowings under the Revolving Credit Facility which expires in July 2027 (subject to earlier spring maturity) 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 $398 million shown on the Condensed Consolidated Balance Sheets consists of four quarters of amortization payments totaling $18 million for the Extended Term Loan A and $380 million outstanding borrowings under the Revolving Credit Facility.
Loss on the Early Extinguishment of Debt
As a result of the refinancing transactions in the first quarter of 2022, the Company recorded a loss on the early extinguishment of debt of $92 million, which included $80 million related to the make-whole premiums paid in connection with the early redemption of the 7.625% Senior Secured Second Lien Notes and 9.375% Senior Notes, during the three months ended March 31, 2022.