Frontdoor starts roadshow for $350 million eight-year notes in connection with spinoff

By Paul A. Harris

Portland, Ore., Aug. 7 – Frontdoor, Inc. began a roadshow on Tuesday for a $350 million offering of eight-year senior notes, according to market sources.

The Rule 144A for life offer is expected to price on Aug. 14.

JP Morgan Securities LLC, Capital One, FTN Financial Securities Corp., Regions Bank, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. and RBC Capital Markets LLC are the joint bookrunners.

The notes become callable after three years at par plus 75% of the coupon.

Frontdoor, a wholly owned subsidiary of ServiceMaster Global Holdings, Inc., plans to use the proceeds to refinance debt in connection with the spinoff of ServiceMaster’s American Home Shield business, which is expected to be completed during the third quarter.

ServiceMaster is a Memphis, Tenn.-based provider of commercial and residential services. American Home Shield repairs and replaces major home systems, components and appliances as part of the servicing of warranties.

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