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Neighborly preps whole business ABS debut

The US$800m Neighborly Issuer LLC Series 2021-1, follows the successful WBS debut of restoration and cleaning franchisor ServiceMaster Brands in November and the strong US$510m inaugural ABS from home and commercial services franchisor ServPro in September 2019. Neighborly is offering a US$800m fixed-rate A-2 note which comes due on April 2028. Two tranches in the structure are not being offered, according to Kroll - a US$30m variable funding note and US$10m of debt intended to provide liquidity advances. The rating agency is expected to assign BBB- for the three classes. Pre-marketing of the deal began on Tuesday before an expected launch next Monday and pricing the middle of next week, a source familiar with the deal said.

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Local ServiceMaster owners receive top annual award

Local ServiceMaster owners receive top annual award
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