The Real Deal Miami

Realogy gets $515M shot in the arm

September 30, 2009 04:03PM

Realogy, parent company to Corcoran Group, Citi Habitats and Century 21, looked close to bankruptcy last week but has been given new life, thanks to the $515 million it raised in new loans. Billionaire Carl Icahn, a private equity investor, provided around 30 percent of those loans, more than half of which are being used to reduce the company’s senior debt. Still, Realogy has many financial demons to face — the company has cut its overall debt by just $70 million, leaving it $6.3 billion in the hole.