JWCA advises Anywhere Real estate on the repurchase of ~$345mm of exchangeable notes due 2026

June 2025 | read press release

Transaction Background

In June 2025, Anywhere Real Estate (“HOUS”) raised $500mm by issuing 9.75% senior secured second lien notes. Concurrently, JWCA advised Anywhere on the cash repurchase of ~$345mm of its outstanding 2026 exchangeable.

Anywhere’s objectives included:

  • Re-finance a majority of the 2026 exchangeable notes before they become a current liability

  • Use the proceeds from the second lien notes to repurchase the 2026 exchangeable and use the remaining amount to repay a portion of its revolving credit facility

In its role as Repurchase Agent for the transaction, JWCA provided the following support for the Company:

  • Provided analysis and advice around tactics related to investor targeting and engagement

  • Assisted in investor outreach, negotiation, and execution of repurchases

  • Assisted the Company with the analysis of exchangeable economics and pricing dynamics

  • Negotiated the unwind of the associated call spread

Results

Anywhere executed a successful repurchase transaction for its 0.25% exchangeable notes due 2026:

  • HOUS repurchased ~$345mm face value of their exchangeable notes (~86% of outstanding) for cash at a slight discount to par