ServiceMaster to pay down term loan borrowings via common stock IPO

By Tali Rackner

Norfolk, Va., June 16 – ServiceMaster Global Holdings, Inc. plans to repay borrowings under its existing term loan facility with the proceeds from an initial public offering of common stock, according to a press release.

Proceeds will also be used to pay certain shareholders consulting termination fees of $21 million and redeem $210 million of 8% senior notes due 2020 issued by subsidiary ServiceMaster Co., LLC and $262.5 million of 7% senior notes due 2020 issued by ServiceMaster Co.

ServiceMaster is a Memphis-based provider of maintenance services to residential and commercial customers.

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