Frontdoor readies launch of new loan deal for Thursday morning

By Sara Rosenberg

New York, Aug. 1 – Frontdoor is scheduled to hold a bank meeting at 10 a.m. ET on Thursday to launch a new loan transaction, according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to help fund the spinoff of ServiceMaster Global Holdings Inc.’s American Home Shield business.

Based on a 10-12B filed with the Securities and Exchange Commission on Wednesday, the company is anticipated to get an up to $250 million revolver and up to $650 million of term loans.

The filing also said that the company would issue about $350 million of senior unsecured notes.

Frontdoor is a Memphis, Tenn.-based provider of home service plans.

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