ServiceMaster reports purchase of $154 million 10¾%/11½% toggle notes

By Angela McDaniels

Tacoma, Wash., Aug. 14 - ServiceMaster Global Holdings, Inc. and ServiceMaster Co. have purchased a combined $154 million principal amount of ServiceMaster's 10¾%/11½% senior toggle notes due 2015, according to ServiceMaster's 10-Q report for the second quarter filed with the Securities and Exchange Commission.

ServiceMaster Global had purchased $65 million of the notes on the open market for $21.4 million as of June 30. This includes $11 million of notes purchased during the first quarter of 2009 for $4.5 million.

ServiceMaster repurchased $89 million of the notes for $41 million during the first quarter.

The notes acquired by ServiceMaster Global have not been retired, and ServiceMaster has continued to pay interest on them.

The notes repurchased by ServiceMaster have been retired, and the company recorded a gain on extinguishment of debt of $46.1 million for the six months ended June 30 related to these retirements.

ServiceMaster is a Downers Grove, Ill., provider of maintenance services to residential and commercial customers.

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