XML 55 R37.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Short And Long-Term Debt Schedule of Total Indebtedness (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Outstanding borrowings, long-term debt $ 2,692  
Total Short-Term & Long-Term Debt 2,692 $ 2,542
Securitization obligations 110 115
Secured Debt | Term Loan A Facility    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Outstanding borrowings, long-term debt 201 [1],[2] 206
Secured Debt | 7.00% Senior Secured Second Lien Notes    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Outstanding borrowings, long-term debt 628 627
Senior Notes | 5.75% Senior Notes    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Outstanding borrowings, long-term debt 576 576
Senior Notes | 5.25% Senior Notes    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Outstanding borrowings, long-term debt 451 451
Convertible Debt | 0.25% Exchangeable Senior Notes    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Outstanding borrowings, long-term debt 398 397
Line of Credit | Revolving Credit Facility    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Line of credit facility outstanding 438 [3],[4],[5] 285
Securitization obligation | Apple Ridge Funding LLC    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Securitization obligations $ 110 [6] $ 115
[1] The interest 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.
[2] 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.
[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] 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.
[5] 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.
[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.