Simpson Thacher represented the underwriters, led by joint bookrunners, Goldman, Sachs & Co., J.P. Morgan Securities LLC, Barclays Capital Inc. and Credit Suisse Securities (USA) LLC, in the initial public offering by Realogy Holdings Corp. (“Realogy”) of an aggregate of 40,000,000 shares of its common stock. Realogy also granted the underwriters a 30-day option to purchase up to an additional 6,000,000 shares to cover over-allotments, which was exercised in full on October 11, 2012. The offering is the largest real estate offering ever and it priced at $27.00 per share, which was the top of the indicative price range. The offering raised aggregate net proceeds of approximately $1.2 billion. Realogy’s common stock is listed on The New York Stock Exchange under the symbol “RLGY” and opened for trading on October 11, 2012. Realogy intends to use the net proceeds of the offering, together with cash on hand, primarily to repay outstanding indebtedness.
Realogy is the preeminent and most integrated provider of residential real estate services in the U.S. It is the world’s largest franchisor of residential real estate brokerages with some of the most recognized brands in the real estate industry, the largest owner of U.S. residential real estate brokerage offices, the largest U.S. and a leading global provider of outsourced employee relocation services and a significant provider of title and settlement services.
The Simpson Thacher team included Art Robinson, Marisa Stavenas, David Azarkh and Jo Djekovic (Capital Markets); Jonathan Cantor and Vanessa Cohen (Tax); Jeanne Annarumma and Grace Lin Wirth (Executive Compensation and Employee Benefits); Ellen Smiley (PCAP); William Sheehan and Jessica Tuchinsky (Banking and Credit); Steven DeLott (Insurance); Mindy Lok (Intellectual Property); Mardi Merjian (Real Estate); Michael Isby (Environmental) and Jennie Getsin (FINRA and Blue Sky).
