BULLETIN: Cendant Corp. to Acquire Common Stock of NRT Inc., Valued at $230 Million

Cendant Corp. (BBB/Negative/--) announced that it intends to acquire 100% of the common stock of NRT Inc. from Apollo Management LP and members of NRT management. Standard&Poor's said the announcement would not affect its ratings on Cendant. Parsippany, N.J.-based Cendant will fund the acquisition through the issuance of 12 million shares of Cendant common stock, valued at about $230 million, plus the assumption of $300 million in net debt. Concurrently, NRT will acquire Arvida Realty Services, for $160 million in cash. The transactions will increase Cendant's direct presence in the residential real estate brokerage industry. Cendant typically converts acquired brokerage offices to such Cendant brands as Coldwell Banker or ERA. Standard&Poor's expects that the cash portion

...Cendant Corp. (###/Negative/--) announced that it intends to acquire 100% of the common stock of NRT Inc. from Apollo Management LP and members of NRT management. Standard & Poor's said the announcement would not affect its ratings on Cendant. Parsippany, N.J.-based Cendant will fund the acquisition through the issuance of 12 million shares of Cendant common stock, valued at about $230 million, plus the assumption of $300 million in net debt. Concurrently, NRT will acquire Arvida Realty Services, for $160 million in cash. The transactions will increase Cendant's direct presence in the residential real estate brokerage industry. Cendant typically converts acquired brokerage offices to such Cendant brands as Coldwell Banker or ERA. Standard & Poor's expects that the cash portion of the two transactions, about $460 million including debt that will be retired, will be met through Cendant's excess cash balances and that credit measures are not expected to change materially....

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