ServiceMaster to redeem $210 million 8% notes, $262.5 million 7% notes

By Marisa Wong

Madison, Wis., June 16 – ServiceMaster Co., LLC plans to redeem $210 million of its outstanding 8% senior notes due 2020 and $262.5 million of its 7% senior notes due 2020 on July 16, according to an 8-K filing with the Securities and Exchange Commission.

The redemption price for the 8% notes will be 108, and the redemption price for the 7% notes will be 107.

The redemption price will also include accrued interest to the redemption date, which would be about $7 million total for the 8% notes and $7.7 million total for the 7% notes.

ServiceMaster intends to use proceeds from parent company ServiceMaster Global Holdings, Inc.’s initial public offering of common stock to fund the redemption.

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

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