Anywhere prices $500 million in senior secured notes at 9.75%

NEW YORK - Anywhere Real Estate Inc. (NYSE: HOUS) announced Wednesday that its subsidiaries have priced $500 million in senior secured second lien notes due 2030 at 9.75% interest. The company, currently valued at $401 million in market capitalization with annual revenues of $5.77 billion, is currently trading below its InvestingPro Fair Value.

The notes, priced at 100% of face value, are being offered by Anywhere Real Estate Group LLC and Anywhere Co-Issuer Corp. in a private placement exempt from Securities Act registration requirements. The offering is expected to close on June 26, subject to customary conditions.

According to the company’s statement, the notes will be guaranteed on an unsecured senior subordinated basis by Anywhere Real Estate Inc. and on a senior secured second priority basis by Anywhere Intermediate Holdings LLC and other qualifying subsidiaries.

The company plans to use the proceeds to repurchase its 0.25% exchangeable senior notes due 2026 and repay a portion of outstanding borrowings under its revolving credit facility.

The notes will be offered only to qualified institutional buyers under Rule 144A of the Securities Act and to non-U.S. persons under Regulation S.

Anywhere Real Estate Inc. operates several real estate brands including Better Homes and Gardens Real Estate, CENTURY 21, Coldwell Banker, Corcoran, ERA, and Sotheby’s International Realty. The company provides franchise, brokerage, relocation, and title and settlement services.

This information is based on a press release statement from Anywhere Real Estate Inc.

In other recent news, Anywhere Real Estate Inc. reported its financial results for the first quarter of 2025, revealing a larger-than-expected loss in earnings per share (EPS) but a slight revenue beat. The company reported an EPS of -$0.70, missing the forecasted -$0.56, while revenue came in at $1.2 billion, slightly surpassing the anticipated $1.17 billion. Additionally, Anywhere Real Estate announced a proposed $500 million notes offering, with plans to use the proceeds to repurchase its exchangeable senior notes due 2026 and repay a portion of outstanding borrowings. Keefe, Bruyette & Woods maintained its Market Perform rating on the company, adjusting its second-quarter adjusted EBITDA estimates to $132 million from $145 million following the company’s reduced guidance. Moody’s Ratings affirmed Anywhere Real Estate’s corporate family rating at B3 while adjusting some of its debt ratings, noting the refinancing will negatively impact financial leverage and cash flow. Furthermore, a Bloomberg report indicated that Anywhere Real Estate made a merger proposal to Douglas Elliman Inc., potentially valuing the company at roughly double its current stock price. Despite these developments, Anywhere Real Estate maintained its full-year 2025 adjusted EBITDA guidance of approximately $350 million, expecting an improved housing market in the second half of the year.

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