XML 28 R10.htm IDEA: XBRL DOCUMENT v3.25.1
Short and Long-Term Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Short And Long-Term Debt SHORT AND LONG-TERM DEBT
Total indebtedness is as follows:
 March 31, 2025December 31, 2024
Revolving Credit Facility
$610 $490 
7.00% Senior Secured Second Lien Notes630 630 
5.75% Senior Notes559 558 
5.25% Senior Notes444 444 
0.25% Exchangeable Senior Notes400 399 
Total Short-Term & Long-Term Debt$2,643 $2,521 
Securitization Obligations:
Apple Ridge Funding LLC$135 $140 
Indebtedness Table
As of March 31, 2025, the Company’s borrowing arrangements were as follows:
Interest
Rate		Expiration
Date		Principal AmountUnamortized Premium and Debt Issuance CostsNet Amount
Revolving Credit Facility (a)
(b)
July 2027 (c)
$610 $ *$610 
Senior Secured Second Lien Notes
7.00%April 2030640 10 630 
Senior Notes
5.75%January 2029558 (1)559 
Senior Notes
5.25%April 2030449 5 444 
Exchangeable Senior Notes0.25%June 2026403 3 400 
Total Short-Term & Long-Term Debt$2,660 $17 $2,643 
Securitization obligations: (d)
Apple Ridge Funding LLCMay 2025$135 $ *$135 
_______________
*The debt issuance costs related to our Revolving Credit Facility and securitization obligations are classified as a deferred financing asset within other assets.
(a)As of March 31, 2025, the Company had $1,100 million of borrowing capacity under its Revolving Credit Facility. As of March 31, 2025, there were $610 million of outstanding borrowings under the Revolving Credit Facility and $32 million of outstanding undrawn letters of credit. On May 5, 2025, the Company had $680 million of outstanding borrowings under the Revolving Credit Facility and $32 million of outstanding undrawn letters of credit.
(b)The interest rate with respect to revolving loans under the Revolving Credit Facility at March 31, 2025 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, 2025.
(c)The maturity date of the Revolving Credit Facility is July 27, 2027; however, it may spring forward to March 16, 2026 if the 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).
(d)Anywhere Group has secured obligations through Apple Ridge Funding LLC under a securitization program which expires at the end of May 2025 and for which the Company is currently engaged in the renewal process. As of March 31, 2025, the Company had $200 million of borrowing capacity under the Apple Ridge Funding LLC securitization program with $135 million being utilized leaving $65 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 $169 million and $156 million of underlying relocation receivables and other related relocation assets at March 31, 2025 and December 31, 2024, 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 for both the three months ended March 31, 2025 and 2024. 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 7.1% and 8.6% for the three months ended March 31, 2025 and 2024, respectively.
Maturities Table
As of March 31, 2025, the combined aggregate amount of maturities for long-term borrowings for the remainder of 2025 and each of the next four years is as follows:
YearAmount
Remaining 2025 (a)
$610 
2026403 
2027— 
2028— 
2029558 
_______________
(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.