ServiceMaster plans term loan amendment to extend maturity to 2017

By Sara Rosenberg

New York, Aug. 8 - ServiceMaster Co. hopes to amend its credit facility in order to extend the maturity on a portion of its $2.5 billion senior secured term loan to Jan. 31, 2017 from July 2014, according to a market source.

The extended amount is currently expected to be around $1 billion after giving effect to an anticipated paydown from $500 million of the proceeds from a $1 billion senior notes offering. The notes were upsized from an original amount of $300 million.

Proceeds from the notes will also be used to redeem $396 million of 10¾% senior notes due 2015 and for general corporate purposes.

Closing on the amendment will occur concurrently with completion of the notes.

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

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