ServiceMaster Completes Financing Transactions Prior to Frontdoor Spin-off

ServiceMaster Global Holdings, Inc. a leading provider of essential residential and commercial services, today announced that its wholly owned subsidiary frontdoor, inc. (“Frontdoor”), the new corporate name for the parent company of ServiceMaster’s American Home Shield business, has completed its previously announced $1 billion of financing transactions, including Frontdoor’s issuance of $350 million of 6.750% Senior Notes due 2026, and entry into a credit agreement providing for a $650 million senior secured term loan facility and a $250 million senior secured revolving credit facility. In connection with the financing transactions, The ServiceMaster Company, LLC prepaid all amounts outstanding under its previously announced $1 billion short-term credit agreement and prepaid $982 million of term loans outstanding under its amended and restated credit agreement dated as of November 8, 2016 with JPMorgan Chase Bank, N.A., as administrative agent, collateral agent and issuing bank, and the lenders and the other financial institutions party thereto, and paid certain fees and expenses in connection with the transaction described herein.

As a result of the completion of these transactions, ServiceMaster’s total consolidated outstanding indebtedness will be reduced by $982 million, upon completion of the spin-off.

This press release is for informational purposes only and is not an offer to sell or purchase nor the solicitation of an offer to sell or purchase securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom, such an offer, solicitation or sale would be unlawful.