Realogy Corp. has amended and extended the existing Apple Ridge Funding securitization program issued by its services operating unit Cartus Corp.

The program will be extended until December 11, 2013. The extension involves the issuance of a new series of secured variable funding notes issued by the firm's wholly owned subsidiary Apple Ridge Funding to a financial institution and different commercial paper conduits as well as the redemption of notes issued in 2007.

The notes will bear interest based on variable commercial paper rates plus a spread or at the one-month Libor rate plus a spread.

The program will also have a maximum borrowing capacity of $400 million based on the amount of the eligible assets being financed at any given time.

The borrowing costs (inclusive of interest and lender fees) under the amended facility are expected to be roughly 100 basis points higher than under the existing facility. The deal is expected to close December 16, 2011.

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