Plan to Manage CPF Land
East Hampton Star
In conjunction with a downturn in the real estate market, East Hampton’s receipts from the transfer tax have dropped from a high of $30 million in 2007 to a …
Banks Bite Bullet on Loans
Banks and loan investors are starting to bite the bullet and lower the principal on mortgages for some struggling borrowers, new data show.
Are Distressed Homes Worth It?
In August, nearly a third of overall housing sales were distress sales. But home buyers are discovering that the bargains can come with a steep price.
My So-Called Business Plan (Enter Laughing)
New York Times
It is no coincidence that they operate the best restaurants in the Hamptons. Pricey places attract good customers, good customers attract staffers who can …
Realogy reduces debt by approximately $70 million
Realogy Corporation announced that it has closed on the incurrence of $515 million aggregate principal amount of second lien incremental term loans that mature in 2017. Realogy will issue $515 million and an additional $135 million on a delayed draw basis on Oct. 9, 2009, subject to receipt of additional lender commitments for which there can be no assurances such commitments will be obtained. The company said it would use the proceeds to reduce at least $365 million of borrowings on its $750 million revolver under its existing credit facility and refinance approximately $220 million of 11.00%/11.75% Senior Toggle Notes due 2014 from affiliates of Icahn Partners, L.P. for $150 million of borrowings. The net effect of the transactions is that Realogy will immediately reduce its outstanding debt by approximately $70 million. “We are pleased with both our ability to raise new capital in today’s credit market and Apollo’s increased investment in our company through purchases of Realogy’s bonds,” said Realogy President & CEO Richard A. Smith. “These are tremendous signs of investor confidence in Realogy, our business model and the value of our brands as well as the performance of our management team and our employees.”
or, it’s called CYA by a bunch of former real rich guys, now kinda’ rich guys.