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Short and Long-Term Debt | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Short And Long-Term Debt | SHORT AND LONG-TERM DEBT Total indebtedness is as follows:
| September 30, 2024 |  | December 31, 2023
Revolving Credit Facility | $ | 500 |  |  | $ | 285 |
Term Loan A Facility | — |  |  | 206 |
7.00% Senior Secured Second Lien Notes | 629 |  |  | 627 |
5.75% Senior Notes | 558 |  |  | 576 |
5.25% Senior Notes | 444 |  |  | 451 |
0.25% Exchangeable Senior Notes | 399 |  |  | 397 |
Total Short-Term & Long-Term Debt | $ | 2,530 |  |  | $ | 2,542 |
Securitization Obligations: |  |  |
Apple Ridge Funding LLC | $ | 148 |  |  | $ | 115 |
Indebtedness Table As of September 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) |  | $ | 500 |  |  | $ * |  | $ | 500 |
Senior Secured Second Lien Notes | 7.00% |  | April 2030 |  | 640 |  |  | 11 |  |  | 629 |
Senior Notes (4) | 5.75% |  | January 2029 |  | 558 |  |  | — |  |  | 558 |
Senior Notes (4) | 5.25% |  | April 2030 |  | 449 |  |  | 5 |  |  | 444 |
Exchangeable Senior Notes | 0.25% |  | June 2026 |  | 403 |  |  | 4 |  |  | 399 |
Total Short-Term & Long-Term Debt | $ | 2,550 |  |  | $ | 20 |  |  | $ | 2,530 |
Securitization obligations: (5) |  |  |  |  |  |  |  |  |
Apple Ridge Funding LLC |  | May 2025 |  | $ | 148 |  |  | $ * |  | $ | 148 |
_______________ *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 September 30, 2024, the Company had $1,100 million of borrowing capacity under its Revolving Credit Facility. As of September 30, 2024, there were $500 million of outstanding borrowings under the Revolving Credit Facility and $33 million of outstanding undrawn letters of credit. On November 5, 2024, the Company had $555 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 September 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 September 30, 2024. (3)The maturity date of the Revolving Credit Facility is July 27, 2027; however, it may spring forward to March 16, 2026 if 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). (4)See below under the header "Repurchases of Unsecured Notes" for additional information with respect to repurchases in the third quarter of 2024. (5)In May 2024, Anywhere Group extended the existing Apple Ridge Funding LLC securitization program until May 30, 2025. As of September 30, 2024, the Company had $200 million of borrowing capacity under the Apple Ridge Funding LLC securitization program with $148 million being utilized leaving $52 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 $201 million and $146 million of underlying relocation receivables and other related relocation assets at September 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 $3 million and $4 million for the three months ended September 30, 2024 and 2023, respectively, as well as $7 million and $10 million for the nine months ended September 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 8.1% and 7.2% for the nine months ended September 30, 2024 and 2023, respectively. Maturities Table As of September 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) |  | $ | 500 |
2025 |  | — |
2026 |  | 403 |
2027 |  | — |
2028 |  | — |
_______________ (a)Outstanding borrowings under the Revolving Credit Facility expire in July 2027 (subject to earlier springing maturity) but are classified on the balance sheet as current due to the revolving nature of borrowings and terms and conditions of the facility. Term Loan A Facility and Repayment On August 30, 2024, the Company repaid the entire outstanding principal amount of approximately $196 million along with accrued interest under the Term Loan A Facility, as amended, with a combination of cash on hand and borrowings from the Revolving Credit Facility. The Term Loan A Facility was governed by the Company's Term Loan A Agreement dated as of October 23, 2015 (as amended, amended and restated, modified or supplemented from time to time). The interest rate on outstanding borrowings under the Term Loan A Facility was 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. Repurchases of Unsecured Notes During the third quarter of 2024, the Company repurchased a total of $26 million of its Unsecured Notes, including $24 million held by funds managed by Angelo, Gordon & Co., L.P. ("Angelo Gordon"), a Delaware limited partnership, at an aggregate purchase price of $19 million, plus accrued interest to the respective repurchase dates. Gain on the Early Extinguishment of Debt During the nine months ended September 30, 2024, the Company recorded gains on the early extinguishment of debt totaling $7 million as a result of the repurchases of Unsecured Notes occurring in the third quarter of 2024. During the nine months ended September 30, 2023, the Company recorded gains on the early extinguishment of debt totaling $169 million which consisted of $151 million as a result of the debt exchange transactions and $18 million as a result of the open market repurchases occurring in the third quarter of 2023.

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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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