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S&P puts Anywhere notes on watch
S&P said it placed its B rating on Anywhere Real Estate Group LLC’s senior unsecured notes on Creditwatch with negative implications reflecting the likelihood that it could lower the issue-level rating and recovery rating by one notch to B- and 6 from B and 5 (20%), respectively.
Anywhere announced it reached an agreement with a lender to exchange $273 million of its senior notes due 2029 and 2030 for new 7% senior secured second-lien notes due 2030 at an exchange rate of 80 cents. Additionally, it announced an exchange offer to other noteholders for new second-lien notes up to $527 million at an exchange rate of 78 cents plus a 2 cents premium.
“We view the transaction as opportunistic because of the long-dated maturities of the existing senior notes and Anywhere's strong liquidity including $179 million of cash on its balance sheet and $750 million available under its revolving credit facility as of June 30, 2023,” the agency said in a press release.
The negative watch reflects “the risk of weaker recovery prospects for Anywhere's unsecured noteholders following the debt exchange,” S&P said, which plans to resolve the CreditWatch and assign the new notes ratings when the exchange if completed expected in August.
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