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Short and Long-Term Debt | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Short And Long-Term Debt | SHORT AND LONG-TERM DEBT Total indebtedness is as follows:
| June 30, 2024 |  | December 31, 2023
Revolving Credit Facility | $ | 410 |  |  | $ | 285 |
Term Loan A Facility | 196 |  |  | 206 |
7.00% Senior Secured Second Lien Notes | 629 |  |  | 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 | $ | 2,660 |  |  | $ | 2,542 |
Securitization Obligations: |  |  |
Apple Ridge Funding LLC | $ | 152 |  |  | $ | 115 |
Indebtedness Table As of June 30, 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) |  | $ | 410 |  |  | $ * |  | $ | 410 |
Term Loan A Facility | (4) (5) |  | February 2025 |  | 196 |  | — |  |  | 196
Senior Secured Second Lien Notes | 7.00% |  | April 2030 |  | 640 |  |  | 11 |  |  | 629 |
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 | $ | 2,682 |  |  | $ | 22 |  |  | $ | 2,660 |
Securitization obligations: (6) |  |  |  |  |  |  |  |  |
Apple Ridge Funding LLC |  | May 2025 |  | $ | 152 |  |  | $ * |  | $ | 152 |
_______________ *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 June 30, 2024, the Company had $1,100 million of borrowing capacity under its Revolving Credit Facility. As of June 30, 2024, there were $410 million of outstanding borrowings under the Revolving Credit Facility and $33 million of outstanding undrawn letters of credit. On July 30, 2024, the Company had $400 million of outstanding borrowings under the Revolving Credit Facility and $33 million of outstanding undrawn letters of credit. (2)The interest rate with respect to revolving loans under the Revolving Credit Facility at June 30, 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 June 30, 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 June 30, 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 June 30, 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)In May 2024, Anywhere Group extended the existing Apple Ridge Funding LLC securitization program until May 30, 2025. As of June 30, 2024, the Company had $200 million of borrowing capacity under the Apple Ridge Funding LLC securitization program with $152 million being utilized leaving $48 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 $214 million and $146 million of underlying relocation receivables and other related relocation assets at June 30, 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 June 30, 2024 and 2023, respectively, as well as $4 million and $6 million for the six months ended June 30, 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 8.4% and 7.1% for the six months ended June 30, 2024 and 2023, respectively. Maturities Table As of June 30, 2024, the combined aggregate amount of maturities for long-term borrowings for the remainder of 2024 and each of the next four years is as follows:
Year |  | Amount
Remaining 2024 (a) |  | $ | 422 |
2025 |  | 184 |
2026 |  | 403 |
2027 |  | — |
2028 |  | — |
_______________ (a)Remaining 2024 includes amortization payments totaling $12 million for the Term Loan A Facility, as well as $410 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 $606 million shown on the Condensed Consolidated Balance Sheets consists of $410 million of outstanding borrowings under the Revolving Credit Facility and $196 million of outstanding borrowings under the Term Loan A Facility expiring February 8, 2025.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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