ServiceMaster extends about $1 billion of term loan borrowings to 2017

By Sara Rosenberg

New York, Aug. 22 - ServiceMaster Co. completed the amendment of its senior secured term loan, extending the maturity on about $1 billion of the debt to Jan. 31, 2017 at pricing of Libor plus 425 basis points, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

The remaining roughly $1.2 billion of the term loan continues to mature on July 24, 2014 and is priced at Libor plus 250 bps.

With the extension, the company paid down about $276 million of its term loan debt with proceeds from a bond offering.

Lenders were offered a 10 bps consent fee and a 15 bps extension fee.

J.P. Morgan Securities LLC led the extension request.

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

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