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Short And Long-Term Debt (Tables) | 3 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Total Indebtedness | Total indebtedness is as follows:
| March 31, 2024 |  | December 31, 2023
Revolving Credit Facility | $ | 438 |  |  | $ | 285 |
Term Loan A Facility | 201 |  |  | 206 |
7.00% Senior Secured Second Lien Notes | 628 |  |  | 627 |
5.75% Senior Notes | 576 |  |  | 576 |
5.25% Senior Notes | 451 |  |  | 451 |
0.25% Exchangeable Senior Notes | 398 |  |  | 397 |
Total Short-Term & Long-Term Debt | $ | 2,692 |  |  | $ | 2,542 |
Securitization Obligations: |  |  |
Apple Ridge Funding LLC | $ | 110 |  |  | $ | 115 |
Schedule of Debt | As of March 31, 2024, the Company’s borrowing arrangements were as follows:
| Interest Rate |  | Expiration Date |  | Principal Amount |  | Unamortized Premium and Debt Issuance Costs |  | Net Amount
Revolving Credit Facility (1) | (2) |  | July 2027 (3) |  | $ | 438 |  |  | $ * |  | $ | 438 |
Term Loan A Facility | (4) (5) |  | February 2025 |  | 202 |  | 1 |  |  | 201
Senior Secured Second Lien Notes | 7.00% |  | April 2030 |  | 640 |  |  | 12 |  |  | 628 |
Senior Notes | 5.75% |  | January 2029 |  | 576 |  |  | — |  |  | 576 |
Senior Notes | 5.25% |  | April 2030 |  | 457 |  |  | 6 |  |  | 451 |
Exchangeable Senior Notes | 0.25% |  | June 2026 |  | 403 |  |  | 5 |  |  | 398 |
Total Short-Term & Long-Term Debt | $ | 2,716 |  |  | $ | 24 |  |  | $ | 2,692 |
Securitization obligations: (6) |  |  |  |  |  |  |  |  |
Apple Ridge Funding LLC |  | May 2024 |  | $ | 110 |  |  | $ * |  | $ | 110 |
_______________ *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, 2024, the Company had $1,100 million of borrowing capacity under its Revolving Credit Facility. As of March 31, 2024, there were $438 million of outstanding borrowings under the Revolving Credit Facility and $33 million of outstanding undrawn letters of credit. On April 24, 2024, the Company had $525 million of outstanding borrowings under the Revolving Credit Facility and $34 million of outstanding undrawn letters of credit. (2)The interest rate with respect to revolving loans under the Revolving Credit Facility at March 31, 2024 is based on, at the Company's option, Term Secured Overnight Financing Rate (" SOFR") plus a 10 basis point credit spread adjustment or 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 SOFR margin was 1.75% and the ABR margin was 0.75% for the three months ended March 31, 2024. (3)The maturity date of the Revolving Credit Facility is July 27, 2027 and may spring forward to an earlier date 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)The i nterest rate with respect to outstanding borrowings under the Term Loan A Facility at March 31, 2024 is based on, at the Company's option, Term SOFR plus a 10 basis point credit spread adjustment or 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 SOFR margin was 1.75% and the ABR margin was 0.75% for the three months ended March 31, 2024. (5)The Term Loan A Facility provides for quarterly amortization payments based on a percentage of the original principal amount of $237 million as follows: 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 Term Loan A Facility due at maturity on February 8, 2025. (6)Anywhere Group has secured obligations through Apple Ridge Funding LLC under a securitization program which expires in May 2024 and for which the Company is currently engaged in the renewal process. As of March 31, 2024, the Company had $200 million of borrowing capacity under the Apple Ridge Funding LLC securitization program with $110 million being utilized leaving $90 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 $143 million and $146 million of underlying relocation receivables and other related relocation assets at March 31, 2024 and December 31, 2023, 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 $2 million and $3 million for the three months ended March 31, 2024 and 2023, 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 obligations represent floating rate debt for which the average weighted interest rate was 8.6% and 7.0% for the three months ended March 31, 2024 and 2023, respectively.
Schedule of Maturities of Long-term Debt |
Year |  | Amount
Remaining 2024 (a) |  | $ | 456 |
2025 |  | 184 |
2026 |  | 403 |
2027 |  | — |
2028 |  | — |
_______________ (a)Remaining 2024 includes amortization payments totaling $18 million for the Term Loan A Facility, as well as $438 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 $639 million shown on the Condensed Consolidated Balance Sheets consists of $438 million of outstanding borrowings under the Revolving Credit Facility and $201 million of outstanding borrowings under the Term Loan A Facility expiring February 8, 2025.

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