Realogy Holdings (Century 21/Coldwell Banker)

exited

Real Estate / Services — Apollo Global Management

Deal Terms

Entry Year2007

Entry EV$8.5B

Entry Multiple10x

Leverage7.5x

Debt Amount$6.85B

Outcome

Exit Year2012

Risk Metrics

LTV (est.)81%

Debt / EV0.81x

Notes

$8.5B Apollo LBO in April 2007 — months before housing crash. $6.85B debt. Lost $1.9B in 2008. Near-bankruptcy. Apollo restructured debt, converted to equity, took public Oct 2012 amid housing recovery. Doubled its $1.34B investment. One of the greatest near-death PE recovery stories. Now Anywhere Real Estate.

Sponsor

Apollo Global Management$938B AUM