Preliminary figures show Realogy’s closed transactions were up 29 percent year over year in 2021 in an unaudited report filed Wednesday with the SEC.
The real estate giant Realogy unveiled and then increased the size of its campaign to raise money from investors this week, nearly doubling the amount of the latest bond offering from $550 million to $1 billion.
The company’s latest sale of senior notes, short term bonds at a fixed rate due in 2030, are being offered at 5.75 percent.
The offering comes after another year of growth by the company, according to a separate filing this week that gives more insight into the company’s performance in 2021.
“The Company intends to use the net proceeds from this offering, together with cash on hand, to redeem in full both its outstanding 9.375 percent Senior Notes due 2027 and its 7.625 percent Senior Secured Second Lien Notes due 2025,” the company said in a statement.
Realogy, which is made up of some of the most-recognizable brands in real estate, has continued to profit through the uncertainties during the onset of the COVID-19 pandemic and continued red-hot housing market.
Preliminary figures show Realogy’s closed transactions were up 29 percent year over year in 2021 in an unaudited report filed Wednesday with the SEC. Closed transactions were up 3 percent in the fourth quarter 2021 compared to the same quarter in 2020.
The company has undertaken several bond-buying campaigns in recent years, each of them apparently attracting interest from investors.
Realogy announced and then upsized at least its past three senior note offerings, including last January and in June 2020. The company plans to use the new round of funding to pay off existing senior notes and pay off existing debt.
Senior notes sales are private offerings that are exempt from registration requirements of the SEC. The sale is expected to close on Jan. 10.