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Servpro to launch $440 million of term loans during April 1 week
By Sara Rosenberg
New York, March 26 – Servpro is planning on holding a bank meeting in the April 1 week to launch $440 million of term loans, according to a market source.
Jefferies LLC, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the leads on the deal.
The debt is split between a $315 million first-lien term loan and a $125 million second-lien term loan, the source said.
Proceeds will be used to help fund the acquisition of a majority stake in the company by Blackstone. The company’s founders, the Isaacson family, will be re-investing alongside Blackstone and will continue to be significant shareholders in the business going forward.
Servpro is a Gallatin, Tenn.-based franchisor of residential and commercial property damage restoration services.
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