ServiceMaster dials down leverage with US$750m IPO

摘要

Servicemaster global, a provider of household services such as pest control and home cleaning, is returning to the public market via a US$753.9m IPO launched on Monday that will reduce the company's hefty debt levels and lay the groundwork for its private equity owners to begin the process of monetisation. JP Morgan, Credit Suisse, Goldman Sachs and Morgan Stanley lead an 11-firm underwriting syndicate, with pricing expected this Wednesday, June 25. ServiceMaster, whose biggest shareholders are Clayton, Dubilier& Rice (65.8% pre-IPO) and StepStone Capital Partners (14.4%), plans to sell 35.9m new shares at US$18-$21 each. The deal will give ServiceMaster a market capitalisation of up to US$2.7bn, versus 2013 revenue of US$2.3bn and a net loss of US$507m. In the first quarter of 2014, revenues rose 4% to US$533m but the company reported a net loss of US$113m, dragged down by losses from discontinued operations.