This content is for subscribers only.Subscribe Now Realogy CEO Ryan SchneiderRealogy Holdings just raised $550 million, bolstered by strong demand for a previously-announced debt offering.The brokerage giant announced a $400 million offering of second lien notes on Monday; it upsized that offering on Wednesday based on “improved market conditions” and “strong demand,” a spokesperson said.The upsizing is a vote of confidence from institutional investors — both in Realogy’s response to Covid-19 and long-term prospects for the housing industry. The parent company of the Corcoran Group and Coldwell Banker made strategic cuts over the past three months.At midday, Realogy stock was trading at $8 per share, up from a historic low of $2.29 per share on March 18.In a regulatory filing, Realogy said it plans to use the net proceeds to redeem outstanding debt.Real estate firms have been raising billions of dollars in debt in the wake of the pandemic. CoStar and Zillow are each raising more than $1 billion.Realogy’s offering follows its failed deal to sell its relocation business, Cartus, for $400 million. The deal was announced in November. At the time, Realogy said it would use proceeds of the sale to pay down $3.5 billion in total corporate debt.The conglomerate is currently embroiled in a lawsuit with would-be buyer Madison Dearborn Partners (and its portfolio company SIRVA Worldwide) to enforce the contract. In court documents, Realogy said the buyer used the pandemic to make “false claims” and back out of the deal. Madison Dearborn alleged Realogy’s finances (and the threat of insolvency) nullified the deal terms.Read moreRealogy sues to enforce $400M cartus deal Why real estate firms are raising debt and equity Realogy’s reported $1.1B revenue in Q1
Grace expects Greinke trade to have emotional impact The 5: Takeaways from the Coyotes’ introduction of Alex Meruelo Top Stories Derrick Hall satisfied with D-backs’ buying and selling The Arizona Cardinals added a little running back depth Tuesday with the signing of veteran Michael Bush.In a corresponding move, the team released running back Kerwynn Williams.Bush is a seven-year NFL veteran who has appeared in 89 games, including 20 starts. He has carried the ball 809 times for 3,250 yards and 29 touchdowns, while also catching 104 passes for 1,010 yards and two scores. The 6-foot-1, 245-pound player was a fourth-round pick out of Louisville by the Oakland Raiders in 2007. He played four seasons with them before signing with the Chicago Bears in 2012. He was released in March.