Realogy Holdings: Credit Profile Implications For Equityholders, And Long Thesis For Its 9.375% 2027 Notes
Recommendation: Long senior unsecured RLGY 9.375% 2027 Notes.
Time frame: Hold for ~2 years, unless short-term liquidity is severely impaired.
Realogy Holdings (the "Company"), operates as a holding company. The Company, through its subsidiaries, provides real estate, franchising, brokerage, relocation, and title and settlement services. The Company offers its services worldwide.
The Company is one of the largest franchisers of residential real estate in the world with about 16,600 offices in around 115 countries. Its brands include Century 21, Coldwell Banker, ERA, Better Homes, Gardens Real Estate, and Sotheby's. In addition to franchising, the Company owns and operates about 760 offices under those brands and the Corcoran Group and Citi Habitats labels. The Company derives almost a ...