Realogy Holdings Corp., a provider of residential real estate services in the United States, announced that it has closed on $1.25 billion of new senior secured credit facilities.

The financing includes an expanded revolving credit facility of $815 million (increased from $475 million) and a new $435 million Term Loan A facility. Both facilities have a five-year maturity and an interest rate spread that varies based on the Company's senior secured leverage ratio and LIBOR or ABR rates. The terms of Realogy's existing Term Loan B remain unchanged.

"By year-end 2015 we expect to redeem all $789 million of our outstanding senior secured notes – our highest-cost debt," said Anthony E. Hull, Realogy's chief financial officer and treasurer. "This is in keeping with our long-stated priority of deleveraging our balance sheet."

In connection with the financing, Realogy called and discharged its obligations relating to its 7.625% $593 million of First Lien Notes. In addition, before year-end 2015, the company plans to use cash on hand and revolver borrowings to redeem all $196 million of 9.00% First and a Half Lien Notes, plus related premiums and accrued interest.

Hull added:  "Along with our plan to retire $500 million in senior notes due May 2016 with cash on hand and revolver borrowings, this transaction will enable us to reduce our 2016 corporate cash interest expense to approximately $170 million from our current annualized run rate of $210 million."

 Realogy Holdings Corp. is a global leader in residential real estate franchising and brokerage with many of the best-known industry brands including Better Homes and Gardens Real Estate, CENTURY 21 , Coldwell Banker , Coldwell Banker Commercial, The Corcoran Group, ERA, Sotheby's International Realty and ZipRealty. Collectively, Realogy's franchise system members operate approximately 13,500 offices with more than 254,800 independent sales associates conducting business in 111 countries and territories around the world.