JWCA advises Anywhere Real estate on its upsized exchangeable bond and call spread transaction

May 2021 | read press release

Transaction Background

Anywhere Real Estate (previously known as “Realogy”) successfully raised $403mm in the equity-linked market at attractive terms (0.25% coupon and 40.0% exchange premium)

JWCA provided extensive analysis for Anywhere on deal structuring and related items, such as:

• Exchangeable and derivate overlay structuring and precedents

• Exchangeable and call spread documentation to ensure maximum value and future efficiency/flexibility for the Company

• Syndicate structure and precedent data

• Shareholder messaging

• Advice on pricing on the day of execution

JWCA designed and ran a call spread auction process to achieve competitive terms

JWCA provided advice, support and analysis throughout the execution process

Results

Anywhere Real Estate’s exchangeable issuance was very well-received by investors

• Due to strong demand, base deal size was upsized from $300mm to $350mm

• The transaction was multiple times oversubscribed, reflecting strong investor interest and demand in the Company’s offering

• The transaction priced at the issuer friendly end of the price talk. This was the first equity-linked transaction out of the last 35 to price on the issuer friendly end

Call spread documentation and auction process produced meaningful savings for Anywhere Real Estate, while maximizing flexibility for the Company